It sure would be nice if apple would explain what might happen or respond with comments. BUT, here is what I've found in the last few months with my series 4 and all the updates.
I wear my watch all day, tracking things from whenever I put it on in the night (+/- 1 am), through 5 to 7 miles of walking, 20 minutes of exercise, and 10 to 20 minutes of swimming. Historically, it was at about 40% when I put it on the charger between 10:30 and 11 pm. The only times I got it near aero in the past was when my Move was over 1200 and steps over 23,000.
With the big update a few months ago, the first few days the battery was down to zero by afternoon. That is when I started reading these questions and suggestions, but before I got around to unpairing or anything big, it started to last longer, betting back to 35-39% when I went to bed.
The 8.3 update took me back to under 20% by 9 pm the first day, then 23%, the next, 26% the next, etc., then up into the 30's. For the last two nights its been over 40%.
So I'm thinking that each update does some calibrating or something internal that it would be nice to understand. Maybe the solution is patience?