Solved!
Turns out, it wasn't an issue with 4.3x at all. At least not for me. I was confused as to why turning off location services would make the standby drain go away. On a hunch, I charged the battery to full last night and turned off gps. This morning, the battery was at 98% and usage showed 8 hours on standby and 4 minutes of usage. Sounds right.
I charged it to full again to reset the usage stats, then turned on gps. A couple of hours later, the battery was at 80%!. Usage showed 1 hr 52 mins on standby, 1 hour and 23 mins of usage. The iPhone was off the entire time. Huh? Something is running in the bg, but I didn't see any processes running and I had cleaned out all background apps.
Then it dawned on me - Find my iPhone!
As we know, Find my iPhone is used via a web or iPhone app. I found it a bit frustrating at times because it only tracks the phone for a minute or so, then logs you off after a couple of minutes. I looked for a front end Mac client that could use the Find my iPhone functionality and keep the tracking live. I found one from Sosume. It worked great! No more logging in, and it tracked in real time. It worked so good I just kept in running minimized.
Kinda dumb huh? So my Mac was forcing all the iPhones on my MobileMe account in a constant gps mode. Major battery drain, even in standby. I simple exited the Sosume app. and the I4's battery is back to epic capacity.
So... when Find my iPhone logs you out... it does so for a very good reason.