I had the same problem as tlr2011.
I'm wondering if any users that are having this problem have their emails set up through an exchange account?
When I first purchased my 4s about 2 weeks ago I was loosing about 30% of battery life per hour. The phone would also get very hot to the touch. Unacceptable! My colleague has the exact same phone and is experiencing a very good battery life with his phone. After comparing all of his phone settings with my phone to ensure they were the same (if not more restrictive) and after following a lot of recommendations from this forum on resetting the phone and changing the setting over from scratch, I was not making any headway in improving my battery life. I was also regretting my purchase.
I felt like I had a defective product, so I took the phone back to my provider and had my phone replaced (this took a lot of work that I will not get into). I set it up new again and within minutes was still experiencing the exact same battery drain and heat issue. After going back to my provider a second time I got the following recommendation to try:
Do a Hard Reset (warning - this will reset your phone and all of your settings):
1 - Hold the sleep/wake (top) button and the Home button for 8 seconds until the Apple logo fades away
2 - Open iTunes an plug in the phone while holding the Home button down until iTunes "sees" your phone.
3 - Restore the phone in iTunes by clicking the Restore button (don't restore your phone from a back-up).
Once I completed this, I fully charged the phone before changing any settings and left it for an hour. It was still at 100%. I reconfigured my settings, then I added my email accounts one at a time and left it for about an hour or so after added each account. I added a personal (POP) account, then a gmail account and still after a few hours my battery life was at 99%. Then I added my Exchange account, and within minutes my phone started to heat up and the battery life started to plummet.
Instead of doing a hard reset on my phone again and updating all of my settings, I just deleted my email accounts, restored my network settings, and added my two accounts that were not causing problems:
1 - Delete email account(s) in Setting > Mail, Contacts, Calendars > Email Account > Delete Account
2 - Reset Network Settings in Settings > Reset (at the bottom) > Reset Network Settings
3 - Reboot your phone by holding the sleep/wake (top) button then sliding to off.
4 - Re-add the email accounts that were working in Settings > Mail, Contacts, Calendars > Add Account...
Since my colleague was not having a problem with his connection to our Exchange account, I am still confused as to what the exact problem is, I verified all of the information needed to set up my exchange account and I am still having problems once I connect (so I delete again). Our company is switching to a new exchange in less than a week so I'm going to wait it out and see if connecting to the new exchange will resolve my issue.