I have not hooked the 1200 up to my multimeter to see what kind of amperage it draws, but I bet it's just a fraction of the supplied AC adapter. Most quality manufacturers build in quite a bit of overhead into their power supplies. And the Fujitsu seems to be very good quality-wise. It even stops charging when the battery is fully charged, which many laptops do not do.
As for battery life, if one can figure out how much power the computer actually draws from the battery in use (which will be different from the external DC input) it would be fairly simple to guess approximately how long a battery will power the computer. There are a few pitfalls. First, batteries are rated for total capacity, and you never really want to discharge a rechargable battery below about 80% of it's total capacity. Rechargable batteries wear out. Every time you discharge a battery you use up some of the chemicals inside it, so a new battery will power a device longer when compared to the same battery after many charge/discharge cycles. Since the 1200's are used, it is really impossible to figure out the exact condition of your battery pack in it's C/D life. A battery's output follows a curve, as voltage decreases so does available amps...
The best way to determine battery life is to actually test a computer/battery with some type of battery benchmark software, which actually attempts to simulate how a computer is really used and takes into acoount all the above variables.
My 1200 seems to run much longer than other laptops I've owned (including a Solo 2300 233MMX I purchased new a few years back). I assume the small screen and underclocked CPU of the 1200 account for some of that. So I have no complaints. I was at a client site a few days ago and left the 1200 on for about 2.5 hours and used it intermittantly during that time without powering it off (system standby set to never - screen off at 2 minutes and hard drive spin down at 3 minutes). After that time the battery monitor said total power remaining was 57%. Of course I had removed my PCMCIA NIC and disabled the IR port, plus I run RAIN. I'm told that disabling the serial port will further reduce battery drain, but I've never verified that personally; and besides I use the serial port...