I think the problem has been sort-of solved for me by Yosemite version 10.10.3.  estimates 10 hours of battery life on the 2013 MacBook Air while watching videos. Now, my laptop is 1.5 years old, so the battery capacity has degraded slightly. It is at 92.5% original capacity and been through 270 cycles.
DETAILED ANALYSIS
I watched 1 hour and 8 minutes of video continuously, with 2-4 minutes in between on Safari and lost 13% charge. The video files were uncompressed @720p in mkv format. That equals to roughly 8 1/4 hours of video playback compared to an advertised 10 (for the 13-inch 2013 MacBook Air that I have). Other variables are Wi-Fi: on, brightness at 5 points and no downloads/time machine backups running; No external hard disk connected either. Previously I used to get 4-5 hours of playback (ceteris paribus) so battery life has definitely improved. Rate of charge loss ~1%/5min. Previously, my laptop would become warm while watching movies (downloaded, not streamed), but now it seems to be at par with ambient temperature. Will also perhaps, make a long term usage update down the line.
Suddenly while looking up the meaning of a word by doing the triple-finger tap, my keyboard became unresponsive altogether. New bug discovered, anyone else having this? I had to reboot twice while writing this post because the keyboard stopped working. -_____-