After 4 days I can report that the changes that were made have extended the battery life. Whereas before the battery self drained within 48 hours, now after this same time the battery is essentially charged.
I am going to see what happens if I start to turn on 'push functions' while keeping airplane mode on.
I have had my iPod Touch 2G for more than a year. I loved it...until I upgraded to iOS4. Thats when the problems started. Now I can't even use this device. I am having the same battery drain problems. Go to bed fully charged. Wake up 5 hours later no battery and IT WAS OFF. I have tried all of the fixes suggested by Apple...nothing works. And each time I recharge my battery the date reverts back to December 31, 1969. When you change the date back to "TODAY" all of the calendar alerts pop up.