I experimented with this a bit today and was not able to print from a couple of older G3s running OS X 10.4.11 to a printer shared on a 10.8.1 machine. I was able to print from that G3 running OS X 10.3.x to the printer on OS X 10.8.1.
The only thing I turned up in the logs came from the OS X 10.4.11 machine where the CUPS error_log showed--
D [05/Sep/2012:14:47:42 -0500] AcceptClient: 11 from localhost:0.
D [05/Sep/2012:14:47:42 -0500] ReadClient: 11 POST / HTTP/1.1
E [05/Sep/2012:14:47:42 -0500] get_printer_attrs: resource name '/printers/ ' no good!
D [05/Sep/2012:14:47:42 -0500] Sending error: client-error-not-found
D [05/Sep/2012:14:47:42 -0500] ProcessIPPRequest: 11 status_code=406
D [05/Sep/2012:14:47:42 -0500] ReadClient: 11 POST / HTTP/1.1
E [05/Sep/2012:14:47:42 -0500] get_printer_attrs: resource name '/printers/ ' no good!
D [05/Sep/2012:14:47:42 -0500] Sending error: client-error-not-found
D [05/Sep/2012:14:47:42 -0500] ProcessIPPRequest: 11 status_code=406
D [05/Sep/2012:14:47:43 -0500] ReadClient: 11 POST / HTTP/1.1
E [05/Sep/2012:14:47:43 -0500] get_printer_attrs: resource name '/printers/ ' no good!
D [05/Sep/2012:14:47:43 -0500] Sending error: client-error-not-found
D [05/Sep/2012:14:47:43 -0500] ProcessIPPRequest: 11 status_code=406
I would suggest that all that have this problem submit a report to Apple using their feedback page or via radar if you have a developer's account.