Can you tell us for sure if you have a unibody MBP, or an older aluminum model? Aluminum has aluminum-colored keyboard, and a battery that easily pops out with no separate cover for that. The unibody has a black keyboard with black trim around the display, and (of course) the non user-replaceable battery. The two models will have very different expectations for battery life, with the unibody having significantly longer charge time, and longer time to normal replacement.
I don't care for the Time remaining indicator (horribly inaccurate), and always use the Percentage. The instantaneous time can change dramatically depending on how you are using your MBP at that moment. The percentage doesn't have to recompute continually. The only true figure is - how long does that charge last in your normal use?
If you have the older aluminum model, Apple wouldn't consider your battery to be faulty in less than a year, unless your battery life drops below 1 hour from full charge. Your cycle count is a little low for much drop in battery life, so you might have a good point to argue for a replacement.