Recap of my experience:
I had done the Reset All Settings, Reset Network Settings, delete all email accounts, and the battery drain/charge cures. I have not done a DFU reset. After a second battery drain/recharge cycle I discovered 6 hours of usage(!) by the phone when it was left sitting overnight (I didn't touch it for more than 5 minutes during that time).
Update:
I killed every app that was running, recharged to 100% and went about my day. Seemed like battery life was much improved. The second day after also resulted in reasonable battery life, still not awesome battery life but nowhere near the draining of the first couple of days of owning the phone. It seems like I'm getting 8-10 hours of usage (if I went to 0%). Haven't seen the phantom background usage I did that one night but I'm monitoring usage to see if it returns and I can identify the app responsible.
It does seem like 4G/LTE usage takes a lot of juice and causes the phone to get warm. I can still almost watch the battery percentage drop when using cellular data (maybe 1% every 5 min or so). Unfortunately, I don't recall what my experiance was with 3G on the iPhone4 but it feels like it wasn't as bad as it is now.
As someone else posted, give your phone a week to calibrate the battery. Any battery issue is most likely a software issue, eg rogue apps and processes. Before any usage test, kill all running apps. iOS is supposed to shut down background apps but if an app uses location services there's a chance iOS will let it continue to run. Only GPS type apps and audio playing apps are supposed to be allowed to run indefinitely in the background but there's a chance the app is misrepresenting itself or iOS is administering the app incorrectly.
iOS 6.1 will probably solve a lot of the issues.