I have the same problem I've restricted permissions to read only for the '~/Library/Saved Application State' folder, it's better but applications still randomly relaunch at the next start. I say randomly because sometimes some do other don't, pretty annoying. Shortcut was working fine with 'restore' option off in 10.7.

[edit] Note that http://support.apple.com/kb/PH11242 doesn't mention anymore ⌃⌥⌘⏏ as a way to shutdown your computer while http://support.apple.com/kb/HT1343 still do

I have the same problem I've restricted permissions to read only for the '~/Library/Saved Application State' folder, it's better but applications still randomly relaunch at the next start. I say randomly because sometimes some do other don't, pretty annoying. Shortcut was working fine with 'restore' option off in 10.7.

Note that the Apple support doc for OS X Mountain Lion: shortcuts for shutting down and sleeping doesn't mention ⌃⌥⌘⏏ as a way to shutdown your computer but the Apple support doc for OS X keyboard shortcuts still does.