It would drain the battery no faster then when email checks every 15 min. But if you get allot of emails in a day 20 + for example then yes eventually you would see a decrease in battery as it has to push that email to you each time it hits your Yahoo Box, Thus activating and using EDGE and or WiFi.
I personally do not see much of a Batter Decrease with my Push on, At end of the day I still have close to 97% of my Battery, Of course this will vary from user to user depending on how they use their iPhone
Posted below is a link to tips to preserve battery life and get the best out of it.
http://www.apple.com/batteries/iphone.html