I've tried a lot of the "solutions" listed before (including installing the 5.0.1 update, which didn't help), but after this one, last thing I tried, I've finally achieved some great battery life. It may be too soon to tell, but here's what I did (based on someone's recommendation earlier)...
Go into Settings->General->Siri, and turn Siri off. Not just "raise to speak", but turn Siri off altogether. Then, reboot the phone by pressing and holding the the power and home button simultaneously for about ten seconds till it shuts off (ignore the slider). Then, turn it back on. Now, go back into settings to turn Siri back on. Voila, you're done! FYI: I had rebooted the phone maybe 2 times since I installed the iOS 5.0.1 via over-the-air update, but this was the only time I did it with Siri toggled off.
Now, it seems like I get great battery life. I've got 19 minutes "usage", 2 hours 18 minutes "standby", and I'm only down to 99% battery life. That's losing less than 1% an hour with little usage (admitedly, very little usage). Previously, under very similar circumstances, I could have lost in the range of 3% - 5% per hour. In fact, just yesterday, I had that stupid situation during my commute to work where I wasn't using my phone, yet it said I had 1 hour "usage" and 1 hour "standby" and lost 11% of battery life! I'm aware that some process run in the background (mail, etc.), but under similar circumstances today, I had less than 3 minutes usage. So, now it looks like I'm cured.
One more interesting thing to notice... after I did that reboot that I mentioned, I noticed that now I have a "Personal Hotspot" setting right there on the main page of settings (it used to be buried under Settings->General->Network, and every time I would look at that page, it would try to search for a personal hotspot, which I'm sure would sap some power; and who's to say that it wasn't running intermittently in the background?). I suppose it's possible that this "Personal Hotspot" moved to it's new place right on the main settings page as part of the iOS 5.0.1 update, but I didn't notice it until just yesterday after I did that reboot.