I remember reading one of the reviews of Lion where a 20% reduction in battery life with the Core 2 Duo processors was noted but couldn't pinpoint the cause. The current Sandy Bridge models weren't affected. The loss of CoolBook undervolting functionality in Lion has also been a major factor in reduced battery endurance. My MacBook Pro 13" endurance dropped from 8 -9 hours to 5 or 6 at most following the clean installation of 10.7, so I've gone back to Snow Leopard for now.
That said, I suspect that 10.7.2 will bring improvements, since the Intel power management kernel extensions have been updated.