An update from my quarter:
My user has 4 hours battery life after the 10.8.3 fix, but it didn't start that way.
He got 2-3 hours and over teh course of a few weeks it started to consistently deliver 4 hours.
WEIRD!
For people still struggling I'd suggest the following:
Update to OS 10.8.3
Run the Macbook in safe mode (hold down shift key when you hear the bootup chime) to eliminate extraneous software causes.
If this works (you get satisfactory battery life), you can troubleshoot the startup items and kernel extensions.
If that doesn't work,
You may also wish to run off the Recovery partition or the network image at apple by holding down the command+R keys.
If this works (you get satisfactory battery life), the install itself may be bad and it might behoove you to reinstall OS 10.8 and immediately update to 10.8.3
If the recovery partition gives crummy performance too,
The battery may be bad. (It's possible to get bad replacement batteries as well.)
If under warranty, replace it.
If not under warranty, you may wish to demonstrate the problem running the recovery partition at an Apple store and ask whether they would test a new battery in yoru macbook and sell it to you if it works. (Who wants to pay for a new battery that works no better than the one you had?)
I have not heard anyone ask an apple store if this will be okay with them, so it's uncharted territory.
A more open ended suggestion is to bring it to an Apple Store for repair and let THEM worry about it.
Expensive and disappointing, I admit, but at least it becomes their responsibility to get it working before you pay for anything. Be sure to ask about warranties on repairs they do. Who needs to spend hundreds for a 60 day warranty or whatever the policy is. Thankfully, I haven't had this happen to a macbook that was out of warranty.