I have a 2012 MBA 128GB i5, and I just got ML a couple days ago to be close to the inevitable .1 update to an update. I haven't seen a huge drop in battery life, but straight away I A) Disabled all notifications, B) Turned off automatic update. I have however noticed when running Xcode my fans are at full speed, and the unit heats up dramatically.
My suspicions are that since apple is pushing very hard for iCloud everything, its constantly hogging resources in the background, checking in, asserting location etc. You couple that with the new air-play mirroring, messages, and whatever other new packaged item not optimized yet and I can see how some slightly older models would see a huge hit in battery.