I must concur with Pete on this. My wife and I have identicial MBA (mid2011) with identical USB2.0 backup devices (make, model, and size). The only differences between our two systems is a few apps. I have Xcode installed; its a job thing. She has Pages for writing college papers.
But there is one more difference. I upgraded to ML; she did not. Her TM backups continue to finish in minutes, where mine took almost an entire day for its last incremental, not full. My MBA will no longer backup unless it is given at least eighteen hours just for incrementals. Checking the TM logs it has been this way since the day I upgradedt o ML and has never looked back.
People can banter back and forth about Wifi speeds to Time Capsules all the want, but in the end its just scrapping for something to occupy time. Occum's Razor is living well and large here: Time Machine isn't broken over Wifi; It's just plain broken period.
At this point I'm giving serious consideration to searching for a 10.7 thumb drive and wiping my system back to Lion. The sad thing is, I have friends at work that were skeptical when ML was released and advised me to wait until it had "cooked" out the infamous dot-0 bugs all-too common in new Apple OS drops. These are guys that have been Apple eggheads since MacOS 9 and earlier. I, being relatively new to Apple as my MBA is my first Apple comp, naievly chose to roll the dice.
I (and dare I say, most of the people here) came up snake-eyes on the come-out. Don't make the same mistake. Monitor this and wait until Apple fixes what they broke. It will save you a LOT of headache down the road.
And if you're "working fine" after your ML upgrade, thats great for you, but without specific knowledge of (a) why you are not afflicted by this problem and (b) why we are, you're literally doing nothing helpfull and instead rubbing salt in the wounds of those that are suffering with this, so kindly refrain from the "not true; works great for me" comments. Glad for you if it does, Got anything usefull to go with that? Yeah.