Here is a log copied from Time Machine Buddy:
Starting standard backup
Backing up to: /Volumes/Time Machine/Backups.backupdb
2.20 GB required (including padding), 126.68 GB available
Copied 394 files (0 bytes) from volume Pete 02.
Copied 173985 files (861.6 MB) from volume Pete 01.
1.13 GB required (including padding), 125.79 GB available
Copied 13 files (0 bytes) from volume Pete 02.
Copied 158965 files (90 KB) from volume Pete 01.
Starting post-backup thinning
No post-back up thinning needed: no expired backups exist
Backup completed successfully.
No additional messages, perfect backup, no need for thinning and it took 45 minutes, almost 10 times slower then in Snow Leopard (same TM preferences, exclusions etc).