I have followed DavidCH's instructions and had pretty good luck improving my battery life since I upgraded to iOS 5.0.1. The biggest help has been doing a Reset All Settings reset and then fully draining the battery and fully recharging it a few times.
But I still felt that I could be getting better battery life even though I could go a full day, 6 am till midnight, with what is normal usage for me, i.e. 10 - 12 phone calls, some web surfing, manually check email every couple of hours, playing about 30 - 40 minutes of some of my games, IMDB searches, facebook and twitter checks a couple times a day, check the weather in the AM before leaving the house, reading iBooks or Kindle books, for about 30 minutes at the end of the day. Doing all this without any time spent on the charger during the day left me at about 20 - 25% battery life left. I would then watch a couple of YouTube videos to fully drain the battery if I was going to do a full drain and recharge cycle as this really seems to condition the battery and battery meter (Which I think is probably a culprit in this whole problem). But as I said I thought I should be getting better life than this even. You know, new phone new battery using only the minimum number of notifications and locations.
Yesterday I spent the day in a training room in the building I work in that appears to have much better 3G reception than I do at my desk (My desk is next to a window facing north in the AT&T center in Los Angeles, pretty ironic isn't it?) Anyway, I walked to the training room on the west side of the building on the same floor, less than 300 feet from my desk and managed to get 3 - 5 bars all day long. And guess what, I had 85% battery left at 4 in the afternoon!!! I obviously wasn't using my phone as much being in a training class, but I did do some emails, web searches, etc.
My guess is that since I was getting a much stronger signal the phone didn't have to keep checking for a 3G connection (See my rant about why did Apple take away the option to turn off 3G on the iPhoen 4S) So without having to constantly search out a 3G connection, the battery didn't take the pounding it does at my desk where I get 1 - 2 bars of service when the phone doesn't drop out of 3G altogether and start searching for a 3G connection, over and over and over.
Back at my desk today and I am seeing 1 - 2 % drain just sitting on my desk not being used.
At home I have an AT&T MicroCell so I don't have the 3G search problem. I apparently whined enough to the customer services reps that I was one of the lucky ones to get a free MicroCell so this is a perk for me.