The Exchange work account is now configured without any problems. All my other accounts have also been enabled now: 1 Gmail (mail, 5 calendars), 1 Echange (mail, 1 calendar, reminders, contacts), 1 iCloud (1 calendar, reminders, contacts, notes, Safari, passbook, docs & data, Find my iPhone), 2 Hotmail (only mail). All of them are using push. All the location and other services are enabled as they come from default. Have not turn off anything but photo stream and not because battery saving but because I just don't use it.
I can gladly report that everything is now working fine and that battery life has improved compared to iOS 5.1.1. Processor use in idle oscillates now between 3 and 11%, pretty normal for an iPhone 4 IMO. I was having 10 to 20% CPU use on idle on iOS 5.1.1 with the same config.
In my case as told before I had to full reset the device from iTunes and configure it as a new phone. I did not restore the phone to a previous backup point. iCloud syncing (no iCloud backup) helped a lot here as contacts, calendars, etc were taken care of by this, and all the apps were freshly downloaded from the app store.
App data I needed was extracted from the iPhone before the reset using programs like iPhone Explorer http://www.macroplant.com/iexplorer/?utm_expid=15979170-2 that let you do this for free (does not need jailbreaking).
I recommend this procedure as a last effort if nothing else seems to work and I still think that Apple should pay more attention to this issue. The "just work" Apple slogan is far from true in this case.
Message was edited by: DavidG74