I'm on my 3rd iPhone 4S (1st was 32GB model which I returned to purchase a 64 GB, which had camera issues, so I exchanged it for my current 64 GB Verizon model). All three of my 4S's exhibited the loosing charge while plugged in issue (that is, loosing charge *after* reaching 100%).
Since updating to iOS 5.0.1, my iPhone 4S has not lost charge while plugged in, no matter how long it remains plugged in or how much it is used while plugged in. I have intentionally tried to run the battery down while plugged in by downloading several podcasts (video and audio) and playing a few games known to drain the battery faster, and the phone remains at 100% while plugged in.
I'm not sure why the update has resolved the problem for myself and others and not for everyone, but I'm 99.9% certain that the issue is indeed software related and not a hardware defect. Like I said in an earlier post, I think there may be subtle differences in the firmware shipped on the phones, perhaps due to production run batches, or where produced, etc. It makes sense that as Apple discovers precicely the factors coming into play on this issue (and the fast-draining battery issue, though I do not think they are linked), they will release additional patches that correct it.
For what it's worth, I chose to do my update via WiFi, without connecting to my Mac and iTunes. The update took only about 10 minutes or so and went without a hitch. A co-worker did his update (iPhone 4, not 4S) via iTunes and said his download was significantly larger than anything that would download in 10 minutes. I wonder if there might be slight differences in exactly what is updated/chaged depending on which method was used and what original firmware shipped with the phone (even though the original firmware is always listted as "5.0.0"). The way in which the phone is updated may not be relavent as to the final outcome, but without knowing one way or another, it is interesting to ponder.
As for my phone's battery life, it has not shown any noticeable improvement since the update. Of course, I was getting outstanding batterly life prior to the update, so no dissappointments here.
For those still not remaining fully charged to 100% while plugged in, I'd sit tight and wait it out for a bit. We've all got a 1-year warranty on these things. If future software patches do not resolve the issue, I'm sure they will be happy to swap out your phone with a replacement within that time frame.