lol, yeah mate its normal... In task manager you'l see it also runs under different user control...

Go to Control Panel -> Admin Tools -> Services

then look at each service (disable if you dont need it) and you'll see many services execute SVCHost with different parameters...

It is normal, HOWEVER, rootkits etc do use that file name, so make sure you dont let a C:\Program Fies\Inet\svchost.exe run instead of C:\windows\system32\svchost