It seems like everything isn't working for everybody... After doing things from the bottom up though, my battery life is excellent. Perhaps you won't be able to "fix" the problem without Apple's help but we should all be able to improve battery life by doing these things:
1. Backup your phone and Restore
2. Restore your apps (because I am sure you will want to)
3. Turn off "Ask to Join Networks" (I know you did this already coloradoappleuser).
4. Turn off as many Notifications as you can stomach (go into each individual notification and turn off as many options as you can)
5. Go into Location Services and turn as many off as you are willing to
6. From Location Services, go to System Services and turn off some of the options (I turned off Location-Based iAds and Setting Time Zone)
7. Calibrate your battery by charging it to 100%, running it down to 0%, rinse and repeat.
8. Adjust your Exchange settings as others have suggested (I haven't done this).
These are the steps I have taken to drastically improve my battery life. I still use multiple location and notification services. I have iCloud running, as well as Wi-Fi and Bluetooth. Yet, I am able to surf the web for several minutes, pull email and have some standby without losing one percent.
For the record (if it is a software problem): I am running AT&T, Version 5.0 (9A334), Model MC918LL and Modem Firmware 1.0.11. If it is a software issue, I would venture to say that anybody with the same software (and carrier) as me will greatly improve their battery life by doing these steps.