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According to AnandTech, the advertised 7 hour battery life (or 8 hours for the 17" model) is real. The 15" MacBook Pro is advertised to get 7 hours of battery life, yet with light usage Anand was able to get over "Eight, freakin, hours" out of the thing, and 6.5 hours with moderate usage. Even with relatively heavy usage he was able to get nearly 5 hours.
The MacBook Pro has just raised the bar enormously for battery life on full-fledged laptops.
It will be interesting to see if this battery life increase is limited to Mac OS X, or if it will be seen under Windows as well.