Having the same prob with my new MBP 15" 2.2 ghz/8GB. 24 cycle count on battery. Before Lion, the machine would last about 5.5 hrs on battery (tested not by looking at the estimated time, but by literally running until it shuts down). Now it lasts a bit less than 3- tested the same way. This is under the same workload, same circumstances- just browsing and/or playing a DVD. Not exactly the most CPU intensive tasks.
It can't be spotlight indexing, unless that takes over 2 weeks. There's very little installed software since this machine is new. I don't see anything eating up tons of RAM or CPU in activity monitor.
SMC reset, as far as I can tell, did absolutely nothing.
The weird thing is that nothing seems to be putting load on the hardware, which is of course the same as before. So I'm thinking it must be an OS bug of some sort where it's incorrectly interfacing with the chip in the battery. Fortunately, I don't go without AC power very often so it's not a huge problem for me. Must be horrible for those that do, though- that's about a 50% reduction.