1.2 hours per frame sounds about right for a feature. Also, apart from Moore's Law, there's a Blinn's Law ( http://en.wikipedia.org/wiki/Jim_Blinn ) - As technology advances, rendering time remains constant.
My bad. It has been a dogma for decade(s) now that production quality feature is from 0.5 to 2 hrs per frame for final though, so that was my reaction without reading correctly. You have to factor in numerous passes and production previews which add up. source: am rendering daily.
TV work, on the other hand, can't deal with that kind of time burden, so it's shifting to more novel solution which lately involves near real-time rendering (see element3d for example).
In my experience, typical render times are whatever can get finished overnight. So up to 8 hours or so on average. Many complicated renders will take much, much longer. And then of course many simple things like previews and non-final renders go significantly faster. It varies widely depending in the complexity of geometry and lighting model.
Blinns law is completely true. The limiting factor on render times is the impatience and work schedule of the people submitting the jobs.
