This is a follow up to my original post.
After a visit to the Genius Bar (twice), the phone was replaced. The problem is still there. This prompted me to do some much deaper diagnostics.
Long story short, the Hot Mail connector was chewing up the phones resources while syncing contacts. If contacts are turned off, the phone would last 2 days again. I will share this process with isolating the culprit.
I started by observing the Usage stats. I would charge the phone up to 100%. I would un plug the power and note the Usage vs the Standby. When the phone was draining the battery, the usage and standby time would match almost exactly. Basically the phone is being used continuously. I would make one change to the phone and then write down the two usage values. I would put the phone in standby, and wait for 4 minutes. I would then turn the phone on and look at the usage. If the Usage was the same as the standby (each 4 minutes more time) then that chagne was not significant. When the Usage was not the same as the standby (standby was 4 minutes longer than usage) then it was significant (Positive Change). Here is how I started
1. Turn off Wi-Fi and Leave Cellular On (No change still draining)
2. Turn on Wi-Fi and Turn off Cellular (No Change still draining)
3. Turn off Wi-Fi and Turn off Cellular (Positive Change, kinda expected. Standby was 4 minutes longer than Usage)
4. Turn on Wi-Fi and Turn off Push Notifications, Fetch every 15 minutes (Positive Change)
5. Turn on Push Notifications, and then Turn off Sync Hotmail Calendar (Battery Drain)
6. Turn on Calendar Sync, and then turn off Sync Contacts (Positive Change)
7. Turn on Sync Contacts, and Turn off Sync Inbox (Battery Drain)
The contact sync appears to be what is draining the battery. The next step is to remove all the contacts from my hotmail account and see if it drains the battery and if there may be a bad contact that is causing the problem.