Trying to unterstand, what's going on with our 4S phones I started to gather the pros and cons both for the hardwre and software issue.
Hardware issue pros:
1. The phone has been out for more than 3 months, and it seems apple still couldn't find the problem neither solve it.
2. Apple is very quiet about this problem since the latest update (also) didn't work for lots of people.
3. Also the jailbreaker community failed to solve the issue (the advertised cydia app is fake!!!), but this can also mean it's a Baseband bug.
4. The 4S tech specs say 200 hours standby compared to the 300 hours of the iphone 4 and the 3Gs, so apple MUST have known about the issue before release, so it can't be fixed with a sw update.
5. Beta testers say that the phone has the drain issue even with beta 3 on it.
6. Apple enabled the 3G toggle in the latest beta for 4S, so the battery life can be increased by switching it off, but it's just a workaround for the hardware problem.
Software issue pros:
1. Lots of devices are problem free, some were fixed by sw upgrades, some by full-restore/charge-format and other woodoo or magic tricks by users.
2. The 3Gs also had battery drain issues after its release with the 3.0 sw, later iOS versions fixed it.
3. Some iphone 4-s (not 4s-s) and 3Gs-s have the battery drain problem since iOS 5 upgrade (my 3Gs is perfect with 5 days standby)
Baseband issue pros:
1. The 4S baseband versions grew with every version of iOS 5 (including betas)
2. Hardware issue pros No. 3
Summarizing: I could gather more hw pros, than sw pros! It doesn't mean anything, but I think there is a huge chance that we will never get better battery lives with our current 4s-s.
Anyway, remembering the antennagate, and how apple treated an obvious hardware-design failure, one thing is for sure: we will NEVER know what is the truth about this issue.