Lots of threads about this in the 10.8 Mountain Lion forums. The limitation is that 2011 sandy bridge processors have quick sync, that allows for very rapid encoding of video, with a VERY MINIMAL load on BOTH the GPU and CPU. This is a solution no other method allows.
More info here.
Benchmarks
here,
here, and
this is a more in-depth explanation of how it is possible.
Also it can be done on the:
Early and late 2011 MBP, mid 2012 MBP, rMBP
Early 2011 iMac
Mid 2011 MBA, Mid 2012 MBA
Mid 2011 Mac mini
Check your facts.