I finally got my battery life to get back to where it was with my 4 running iOS 5.
I did a Reset All Settings before setting all these options up, and it seems to have fixed whatever was screwed up! Try it out, can't hurt.
Here are my settings:
Notifications all running, nothing shut off or disabled
Location Services - every app on, only system service disabled is iAds
WiFi & Bluetooth always on
Brightness 85%
iCloud with everything but Photo Stream & Docs & Data on
iCloud Backup on
Siri fully on
Only my iCloud account on in Mail, Contacts & Calendar, set to Fetch Every 15 Minutes
Was out Saturday night, took a bunch of pics & a couple videos, texting, some ESPN score checking and a little Facebook posting. Battery did not drain quickly like before, and during 3 hours out with that activity only went down about 10% I believe. Overnight drain isn't there anymore either!
I just enabled my Exchange account, and will be tracking that. Since adding it about 10 minutes ago it's already dropped 4% just pulling down all my emails over WiFi, although I have all of my folders sync'd (about 35 with a few hundred emails). The mail app is open right now and the spinning data icon is still going so it may be getting stuck somewhere because all of my emails have now been downloaded. Dropped another percent just now lol.
I'll see how it goes and post back later on today. Seems like Exchange was the culprit for me and perhaps the iCloud Photo Stream & Docs/Data.