I noticed my 3GS was extremely sluggish after the iOS 5 update but the real problem started a few days ago when the battery starting draining very quickly. Before the update I could usually get through my waking hours without a recharge. In the last few days I was lucky to get 8 hours, mostly on standby, before I had to plug it in. Not good.
I tried a number of suggestions found in this thread and others, including removing email accounts, resetting the network, adding accounts back in. I'm not using iCloud. I tried turning location services off, bluetooth off, even tried turning on airplane mode. I even killed all the apps so the task bar was empty. It was still sluggish and I could see the battery percentage drop.
SysStatsMon and System Status consitently showed CPU use at 90-100% and my 3GS was extremely sluggish.
System Status showed a number of events related to the Calendar (I have 29 calendars, including Exchange, Mobile Me, Google). I turned off Notification Centre for Calendar and the CPU fell WAY down to 5-6%. It stayed at that low level for 20 minutes and the device was quite responsive. I tried enabling Notification Centre for Calendar again and the CPU usage shot back up to 90-100%. I turned it off again and the usage dropped back down.
It sure looks like there's a problem with the new Notification Centre, at least for the Calendar app. I have a few other apps configured to use it and those seem to be okay.
I'd be interested to see if anyone else see the same thing on their phones.