Same issue here with my iphone 4.
I just upgraded to IOS 4.3.4 and noticed that my battery started draining very fast. it went from 100% to dead in less than 5 hours (the phone was mainly standing by during this time).
I also noticed that under Settings > General > Usage: usage time is = to standby time (these 2 values used to be significantly different before the update).
All the apps were turned off and still the battery was draining very very fast. I was running 4.3.3 before the update and the battery used to last for a couple of days with extensive usage of voice, data, apps and music all that while wifi, bluetooth, 3g always on and 1 push exchange email account and 5 other POP email accounts fetching every 5 min.
Apple, please get it right and tell us how to remedy to this issue as it seems to affect a lot of users judging by the amount of posts on line. and please don't just get back to us with the basic answers like "kill the apps in the background" or "Soft reset your device" or "turn ping off" ...I've done all that with no success.
Also, don't try to convince me that the power drain is normal because it's just not... I've had this iphone 4 for about 8 months and I know it inside out... the battery lasted for 2 days on the last charge before the update.
PLEASE HELP.