alexwoolfson,
I have the same problem, except the issue also impacting disk cache
"It appears Page Cache URL rewriting is not working. If using apache, verify that the server configuration allows .htaccess or if using nginx verify all configuration files are included in the configuration."
Based on the load of the CPU it looks like that the disk cache is not working for me at all. Also reloaded 0.9.2.4; have still the same problem on the site tried to the the upgrade.