I'm re-posting my troubleshooting steps since "safe mode" bore fruit for a good number of posters.
I'm supplementing my previous post with the startup advice provided by cSound1, additional fixes suggested by ScratchSF, and a few hints I've gathered during research. I'm weaving them into the old post in a way I hope flows logically and with what I mean to be the quickest likely path to results. (ScratchSF and cSound may have better ideas as to the order of steps or their likelihood of working. I take into account how FAST certain steps are to perform. If they're quick and easy I place them sooner in the list, regardless of they're likely efficacy .
WoolieWoolard asked about troubleshooting startup items so he and new folk finding this thread won't have to hunt down multiple posts.
Troubleshooting Short Battery Life in Mountain Lion OS 10.8
Update to OS 10.8.3 if you haven't already.
Run the Macbook in safe mode (hold down shift key when you hear the bootup chime) to eliminate extraneous software causes. (http://support.apple.com/kb/HT1564)
If this works (you get satisfactory battery life), skip to "Troubleshoot the startup items and optimize the system:" below.
If Safe Mode doesn't help,
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.
If under warranty,
Replace the battery. If the battery was already replaced, replace the motherboard. If the motherboard is no good, replace the battery again. (Yes, twice. Battery quality has been less than stellar when pushed to the edge of its performance envelope by OS 10.8)
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 your 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, yes, 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.
ScratchSF points out that a downgrade to Snow Leopard or Lion may be the best hope for users whose laptops shipped with these OS's and can be downgraded again.
Troubleshoot the startup items and optimize the system:
When safe mode produces acceptable battery life, there is something running is standard, full-featured mode that's causing the battery life to stink on ice that is NOT running in safe mode. These methods stop some of that software from running. If battery life improves, you can reactivate the software that is NOT the problem.
1. (cSound1) In System Preferences>Users and Groups>Login Items. No need to delete anything you just want to stop them loading at startup.

2. Temporarily lower screen resolution (some video-based kernel extensions have been fingered for problems in times past)
3. (ScratchSF) Turn off iCloud and turn off the Notifications
http://support.apple.com/kb/PH2613?viewlocale=en_US
3. (ScratchSF) Download Onyx and clean out everything (mostly User and System caches). Also repair permissions (using Applications > Utilities > Disk Utility).2. (ScratchSF) Reset SMC and PRAM.
4. (ScratchSF) Reinstall 10.8.3 Combo pack (even if you already updated to 10.8.3)
5. Reduce applications tracked by Spotlight
6. Consider removing Parallels (if installed, and its use preceded the battery life issues.)
If the startup items and optimization steps don't restore battery life,
Isolate Kernel Extensions:
If the optimization and startup item elimination doesn't help, you may have some luck disabling system extensions with the Diablotin extensions manager System Preference Panel.
It allows you to disable kernel extensions (kexts) that run in normal mode that do NOT run in safe mode.
Start with the non-system files and if you feel lucky (or you don't mind wiping your drive and starting over), move on to the system kexts.
Caveat Emptor! (Buyer Beware!) I have not used Diablotin personally and I have every expectation that unstable systems could result. Backup your disk and data every way you can think of and if wiping your drive would make you cry, just plain don't do it. Wait for someone else to try it and report back.
If anyone solves their battery issue, please relay the extension(s) to the group here.