Guess I'll join the club now. I too have been following and trying everything under the sun besides throwing my phone out the window. That is my next step.
I went from a 4 with IOS5 to a white 4S 32GB with identical results as the rest of us. Having used the 4 for 18 months total and a few of those weeks on IOS5 I feel I have a good apples to apples perspective (pun intended).
I honestly saw a slight improvement with the battery life of the 4 on IOS5 as compared to IOS4.
It was also markedly faster (web, multi-tasking etc) for whatever reason.
I used the 4S for about 4 days before I decided to give Genius a try. They checked the battery and said that the report showed the battery was good. Howver he did say the usage report relative to the battery capacity was defintely an issue. They obviously do not have enough info or experience yet to properly diagnose what is going on. He was stumped and simply exchanged for a new unit. But their was acknowledgement which is the first step to resolution.
The new unit is slighlty better but that could simply be because I'm turning more things off and playing with settings (way too much).
I did notice besides battery life I was having connecting issues when trying to surf the net with WiFi off. I sit next to my M-Cell base and have 5 bars 100% of the time. With WiFi on the internet is typically fairly fast but on occassion it also hangs.
Today I turned off the M-Cell and now have 4 bars however the internet on cell data is much faster and works everytime. So there is some issue there I believe.
I also have left WiFi off all day today and the battery life seems to be a little better. Still at 42% @ 4PM sitting in my office all day using the phone the same way I always do. As compared to the 4 when used in the same location and at the same load its about 35-40% lower. I gave the 4 with IOS5 to my daughter and at the end of each day she has more battery than I do and probably has logged 5X the usage I have. The wife also has a 4 with IOS5 and her results are on par with my daughters. So with 3 Iphones in the family I have a reasonable benchmark for comparison.
Based on everything I've read there are things that work for some and things that dont. There is no consistancy between what seems to be the "trick". Between all the restores and setting changes its all over the board in regards to who has seen success and even then to what degree. My gut feeling based on my 4 expereince is that this is an IOS5 and 4S firmware issue. I realize this doesnt explain the issues the folks with 3GS and 4's are having but from personal experience its only the 4S that I have seen the issue.
My feelings are that Apple has to be aware of it based on the phone support and Genius feedback. I trust that they wont simply discount it as a few people not happy with the battery life which seems to happen with new product releases. Almost like when you buy a car that says 31 MPG on the sticker only to find your first fill-up you got 29 MPG. I'm sure their battery #'s are based on best case scenarios and I expect to vary slightly from what they advertise. However I dont feel 50-75% less than what they market is acceptable.
For now I'll keep the charger close at hand and wait for the 5.0.1 software version to roll out. (or however they number it)
Danny
Dallas-Texas area-AT&T