In the Energy Saver pane of System Preferences, which is selected: *Higher Performance* or *Better Battery Life?* Select the latter.
In the Displays pane of System Preferences, is "Automatically adjust brightness as ambient light changes" checked? If so, and if you frequently use your machine in brightly lit places, your screen will often be operating at maximum brightness. You don't want that, if battery life is a major concern.
If either or both of these settings has been changed to the less efficient option, perhaps without realizing the full consequences of doing so, since you were able to run your machine for 4-5 hours on a charge, then it seems to me that the big drop in battery life is fully explained without recourse to the assumption that your battery is dying.
But while we're on the subject of the battery's condition, Apple expects the built-in batteries in all recent unibody MBPs, including yours, to retain 80% of their original Full Charge Capacity after
1000 cycles, not 300 cycles as another poster has written. What does System Profiler say the Full Charge Capacity of your battery is now, after 324 cycles? It was originally about 6750mAh, so if it's above about 5400 now, it's still OK. If not, you have reason to take it to an Apple Store and ask to have it tested for defects. There's a specific test they can do on it to determine whether it's faulty.