I would call apple at 800 275 2273 and explain what's going on and what you've tried.
I don't know if it was just timing, but an Apple Care senior advisor called me shortly after posting here, since I signed in with my Apple ID and had registered my phone and contact info. They let me know engineers review the official discussion forums in case there are trends, or lots of people with a particular issue I guess, andasked if I would install a battery logging profile and explained the info it would collect. He emailed me a certificate I installed and showed me where the logs get saved in my computer, and asked me to zip up and email him the text logs after a few days. It's been a couple weeks and I have not heard back, but he said the engineers probably need to address this in an update.
Fortunately or unfortunately, I let him know I feel my problem was more or less resolved, but I'd send any info that would help. After turning off all cloud stuff, deleting my iTunes login from the phone, cleaning up the bookmarks on my Mac and phone, letting the phone die, charging it to full and doing a power cycle (holding down power and home button until it reboots itself), my standby was way better than before and I only noticed fast power drains occasionally using Safari or streaming music, or reasonably normal usage. It could be better but I think my 4 is OK and fairly predictible now. iTunes U seems to be a background bandwidth and battery killer still I think, and I couldn't find out how to tell it "no cell data" like other apps.
If you're still having issues after trying the things people suggested, I really would just call Apple at 800 275 2273 and possibly fill out the feedback form at http://www.apple.com/feedback/iphone.html and let them know honestly whatever issues you've noticed associated with the update, if you've been following forums and what fixes you've tried, etc. My phone is 2 years old and they still seemed concerned with my issue. They also suggested resetting the phone as a new phone and I explained I hate redownloading and reauthorizing everything, especially all my Amazon books, and let them know mine's good enough now.