I believe the BATTERY DRAIN is coming from not being able to switch to EDGE in poor 3G reception areas.
I have two iPhone 4's and one iPhone 4s. Both the iPhone 4's have great reception and battery life IF they are manually switched to EDGE. This has been true ever since I've owned iPhones. I just can't get even fair 3G reception in my area. This leads me to believe that the phone's constant search for a good 3G signal is not only draining the battery, but not allowing me more than two bars at the most on the 4s.
The iPhone 4's work great when 3G is turned off with the switch that is now missing from the 4s.
Apple, please, please give us this option back. Thanks.