For me 10.7.3 and the EFI update have fixed matters; if not to 100% of what was before, to 90%+. Before 10.7.3 I was on 3.5 hours of real time working (iWork and Safari and iTunes); now I can do 5 without having to worry, although haven't done a 100% to flat test. As for the battery time indicator, which I know some of you guys hate, it has been pretty accurate through all the troubles and tests. Right this minute it shows 6:23 at 85% and I have seen it slip up to 9:00 when fully charged and doing nothing - seen in SL but not again until now. Battery is one year old in an early 2011 15" standard MBP, 170 cycles, 94% health.
I am glad this is fixed, and I only had the issue for a while as I only update in January. While I never took my MBP into an Apple store I went in to a few to ask the question and I got the same bemused look from all Apple employees, including those that professed to be up to date on all OSX issues. They all seemed shocked at this forum when showed. I do not know whether they are all dirty rotten liars, or the two stores I went in (including the Regent Street, London store) were genuinely in the dark. I suspect the former, sadly.
While off topic, my suspicions that Apple employees are dirty rotten liars first occurred to me when I asked how to use iCloud to sync Mac documents to my iPad - of course you know this is not possible; I did not at the time and was shocked that you could not. When I compared Docs in the Cloud to Dropbox I was told by the OSX expert that he had never used Dropbox so couldn't comment on its features. The rotter.
Great products, but whenever I have asked a question to which the answer is "it doesn't do this" or "it's a bug" I have recieved bemused looks and excuses, but no addmission that anything needs fixing. Same procedure with this battery issue sadly. It's ok to admit when things aren't perfect Apple!