Okay, I wiped my phone again completely.
This time, on set up, I did not enter an iCloud login at all, and afterwards I did not set the phone up to sync with any other e-mail services. Basically, no syncing at all. No contacts. No music. No third-party apps. Nothing.
I shut off location services completely.
I connected the phone to my WiFi access point, and turned off "ask to join networks" in the network settings as Apple says it does in testing here:
http://www.apple.com/iphone/battery.html
I then charged the phone to 100% and set the phone down about 10 feet away from my wireless access point and went to bed.
On waking in the morning, the phone states it has been 8 hours 40 minutes since last full charge. However, it states that usage is 7 hours and 30 minutes. Essentially, the phone has not really been asleep. What it has been doing, I have no idea. Battery shows 76 % remaining. I think this is much improved to what I was seeing before - where the phone was fully discharged in 16 - 17 hours of no to minimal use.
However, if this is accurate, even with all the services shut off as I have done, battery life should be about 36 hours without actually using the phone for anything. This is a far cry from the 200 hours standby claimed.
I don't know. I'm still mulling this over. Should I return this phone or not? I'm approaching the 30 day limit on returns here. If this is not fixable by a software update, then I'm going to wish that I hd returned the phone. The decision to wait on a possible fix from Apple could be made a lot more easy, if Apple would extend the window for returns unti they can figure out what exactly is going on. If this is a software issue, then I'm confident it can be fixed. If it is a hardware issue, then I'm not really 100 % sure.