So I made a virgin install of Mountain Lion to an external USB drive, ran all Software Updates (took awhile), installed Adobe CS5 Master Collection, Adobe Acrobat, LightRoom, Microsoft Office 2011, Dropbox, Adium, Chronosync, Carbon Copy Cloner, Evernote, iLife, Toast, Flash, Silverlight, Skype, VLC, etc.
Ran all updates on everything except Dropbox (it all took forever). Then finally started Time Machine fully expecting the problem to manifest and.... it just worked Backing up from the booted USB drive to another connected USB drive is going FAST. (Network-wise I'll only note that I am connected via ethernet to my router)
Lol, I guess that's a good thing BUT last month I helped my GF buy and set up a new Macbook Pro... it came with Mountain Lion although I (foolishly) updated it to 10.8.2....I installed most of the above for her...ran all the updates, and when I went to run Time Machine, it started to work at first but when I stopped it and restarted it later, it said it was going to take 333 days to complete. So on her brand new computer I had the dreaded problem but on this clean install, no problem! What gives.
In her case, I did a whole bunch of stuff: sudo tmdiagnose, I used Terminal to wipe out the hidden Spotlight indices; I excluded drives from Spotlight altogether in privacy settings; think I ran some permissions repair from the Recovery HD... I wrote the stuff down but it was getting too complex to post and I never did. Long story short, her Time Machine started working flawlessly after all that. So weird.
But of course it would be an inconsistent problem... that would explain why Apple has taken so long to address it.