A possible solution, and a suggestion for people reading this thread...
First off, if you are only going to say "me too" please don't post. If you say "me too, and I tried this and it didn't work" that is fine, but just "me too" doesn't add anything and only burries possible solutions for people so they can't find pertinent posts. Don't pollute this thread!!
My solution that 100% cured the problem...
I was having extreme battery drain issues so I did the "Reset all settings" trick that has been suggested. It did work in giving me back some of my battery life, but it still fell way short of apple's spec. I would get about 30 - 40 hours of standby time.
I then decided to go crazy,
1. On my computer I removed the itunes folder from my music folder, I also removed the itunes folder from my library folder and finally removed anything that said ipod or itunes from my preferences folder. I then restarted my computer. This took iTunes back to a fresh state like it is when first installed (I don't know if this was necessary but it is what I did).
2. I then turned off my phone and plugged it into my computer while holding the home button down to start the phone in recovery mode. From there I restored my phone (that is the only option in recovery mode).
3. When the phone started back up I set it up as a new phone. I just left all of the settings on the phone as default. I even activated iCloud.
4. I then went to the itunes store and went to the "Purchased" section to re-download all of my apps. Once those downloaded I synced my phone again.
Doing this completely solved my battery drain. I am now getting battery life that is as advertised by apple and also beats what I was getting on my 3GS!
I have not enabled:
Twitter integration
Location services for weather
Photostream
iCloud backup
Wireless Sync
Everything else is on.
I will be enabling the services listed above one at a time to make sure nothing breaks the phone again. In the meantime though my phone is now working perfectly.
I have no idea what fixed my problem or what might break it again (if it does happen again). All I know is it works now. If you are brave enough to start with a fresh iTunes library please post back your results. Just remember to back up your existing library first so you don't end up losing your music. Also make sure to sync your photo's from your phone so you don't lose any pictures before you do the restore.