Looks like I'm in a minority for those who've posted in this thread. I didn't have issues with 5.0 on my 4s, iPad 2 or after updating my mother's iphone 4 to 5.0. I've updated all three devices to 5.01 and didn't experience any problems with updates, have yet to experience dropped network via wifi or cell network. I did however do a backup of all devices first, then update, then setup each device as new--read this on another forum as an important step to take once an update has been applied. For those reporting issues, give this a try if you have not and post back if it does fix your issues.
I've disabled the iAds, Time Zone setting and Diagnostics, but have left Traffic turned on both prior to and post 5.01 update. Battery life seems comparable to 5.0, but to be fair, I've only been updated for a couple of days now.
One thing that I'm curious about... Re: battery performance issues in general: Is it possible that battery drain may be due to the network carrier for those devices? Certainly hardware issues could play into that---if there were a batch of phones that went to a specific carrier that had defective components and whatnot, but I'm wondering if the type of network connectivity and the way it interacts with iPhone for each of the carriers has anything to do with the battery problems?
Good luck getting resolution to those with issues.
Message was edited by: staggerlee41