I bought the 4s from Verizon the day it came out and noticed the battery issue right away. I applied just about all the fixes posted here and did notice some improvement. I wanted a lot of the options that these fixes suggested I turn off (push email, iCloud, calendar notifications, leaving bluetooth on, and leaving wifi turned on - I use the last two driving to work and at work). Very similar to my iPhone 4. I also do a lot of book reading, and listening to music and audible books.
I finally took the phone to my local Apple store and they replaced it. Usually I have good response from the people at the store. My experience was a little different last night, the technician who replaced my phone could not get it activated. He replaced the SIM card, called Verizon and still could not activate it. (He was very nice and spent a lot of time trying, but........) He suggested I take it to my Verizon store (Middletown DE) to get them to activate it. The person at Verizon (who was very patient and extremely helpful) took about a half an hour to finally get it to activate. He said the person at the Apple store did to something to freeze the phone from my account. Not sure what he meant, but he did get it to work and it was not a hardware problem.
I took the phone home, did a complete wipe, re-activated it and built it from the ground up. I plugged the phone in about 12:15am and removed it from the charger about 6:30 am. It's now about 10:40pm and I'm at 50% battery life. 3 hours usage, 23 hours 15 minutes standby time. Some pretty heavy usage, reading, surfing, downloading all my music, books, movies, etc., and tweaking settings. This new phone (one day of use) seems to be getting at least double the battery life of my first phone. Of course I need to see how it performs over the next week or so.
My settings:
iCloud - on (everything on, including photo stream)
Push email - on (no Exchange accounts)
Brightness - a little above 50%, auto on
Calendar notification - off (will turn it on shortly)
Stock notification - off
Game Center notification - off
All other notification - on
Siri - on, raise to speak - off
Find my phone - on
Cell network search - on
Compass Calibraton - on
Traffic - on
All other System notification - off
Wifi - on (always), find other networks off
Bluetooth - on (always)
ITunes WiFi Sync - on
As I've been typing this and using my phone to get my settings, I'm now down to 47% (time 11:00pm)