This might be the case...but I don't believe this was the original concept. As noted above and on the IGG - "10-12" real usage was supposed to be more than just watching video.
Also, as noted by others, if you have a 48Whr battery, to get 12 hrs, you can only use 4W continuously - so the processor, screen, system board and ssd would collectively need to draw 4W or less on average. This would be only possible for word or .xls applications where much of the time the processor would be in a low power state.
Still, one of the main reasons I signed up for the V was for the long battery life....here's to hoping they can optimize things at the highest levels possible.