I did the full discharge and full overnight recharge with 90 minutes of trickle charge using Battery Doctor Pro. I've actually done this a few times since it is a new battery and I haven't been able to find a difinitive answer on whether or not this is necessary to condition a new LiOn battery or not, but I haven't seen anything that says it will hurt.
I also did a Reset All Settings to get it to factory specs. (THIS DOES NOT WIPE ALL YOUR DATA, APPS, PICS, MUSIC ETC.) It just resets the phone to factory specs with very little running in locations or notifications. You have to reset your network passwords.
I did a Reset Network Settings reset to pull latest 3G tower information onto my phone. I have really bad 3g connectivity at my office, ironically enough I work in the AT&T center in Los Angeles and typically have 1 to 2 bars of signal and a lot of the time drop back to EDGE.
In System Services I turned off Diagnostics & Usage, Location-Based iAds, Setting Time Zone and Traffic.
In Location Services I only have Siri and Weather turned on.
In Notifications I have Phone, Messages, Reminders and Calendar turned on. I am considering turing off Calendar but I don't know if that will make a big difference or not.
I have mail set to manual fetch and typically check it a couple times a day. I can't link to my office work email so I really don't need to have my personal email pushed all the time. I just check it when I am expecting something or as I said a couple times in the morning and the afternoon.
I periodically kill all the apps running in the Multitasking Tray. I also at least once a day do a restart, i.e. hold home and power buttons until the apple logo appears and does a re-boot of the OS. I wish you could just open the multitasking tray and hold the home button for 10 seconds and kill them all at once.
So far I am at about 6% per hour drop in battery level. Better than the 12 - 15% per hour I was getting before I did the full battery drain and recharge.
I got the biggest boost when I did the Reset All Settings restore. In my opinion there was something being pulled from my old phone when I did my initial set up and didn't set up as a new iPhone.
I really hope that the iOS 5.0.1 firmware update will really help with this battery drain problem. I moved from a refurbed iPhone 3G to the 4S and was looking forward to using it they way it should be