I don't know WHAT specifically caused the battery problem when I first got my iPod Touch 4g. All I know is that it would only last a day or 2 in standby, with all the settings copied over from my iPod Touch 2g (My 2g would last about a week with the same settings and apps). Since then I tried a number of things, including turning off all unnecessary things that I am not using. (I turned off bluetooth & location services, and I changed the email from checking every 15 minutes to every hour, etc) I also learned that unlike the 2g, the 4g is capable of multi-tasking, and unlike the 2g, when you close an app, it actually stays running in the background. This is no big deal with most apps, but apparently Skype constantly checks the network so that it will know when someone is calling you. So, since I already have Skype turned on all the time on my iMac, I learned to force quite Skype on my 4g when not in use.
I also reduced the screen brightness to about 40%.
Then I reset my network settings, after reading a tip about that here.
Since then, my battery standby life is fine, even with my wifi left on all the time. I did all of those things above pretty much at the same time, so I don't really know which specific thing might have been causing the power drain, or even if it was a combination of everything. Some of those things I keep turned off (like bluetooth) probably don't use much power, but since I am not using them right now anyway, I keep them turned off just to be safe.
BTW, even with Skype left on, my iPod will now last for a few days. (and about twice as long with it off) I suspect that resetting the network settings may have resolved the main source of the problem, but I don't really know that. The theory I heard was that supposedly if you upgrade from an older iPod Touch, it copies over some internal network software settings from your old iPod that are incompatible with the 4g, and therefore cause a battery drain. Resetting the network clears this out supposedly, and restores the correct 4g settings.
Who knows. Apple needs to figure this out. Until then, if you are having battery problems, try all the things I tried, then try turning things back on one at a time (like bluetooth, Skype, and location services), and see if it drains your battery. If it doesn't, great! Leave it on all the time! However, if you do isolate the source of the problem, please let us all know!