Someone from apple called me too. They actually did the same thing with iPhone 3G as well when I discussed my issue with the battery back then. However my battery this time seems to be more related to iOS I believe. I have done the following three things and now have a battery life similar to my iPhone 4 which I was happy with.
1. Turned off traffic in location services.
2. Turned off passbook in iCloud sync (it doesn't matter as most of us need passbook on our phone but not other idevice I assumed).
3. Calibrate battery correctly (let it run till shut off, then charge it to 100% and leave it at 100% for another 30' or so before unplug.)
Now I used for 2 hrs, listening to music mostly and check emails couple of times and my battery dropped 1%. I will turn on traffic later just to see how much the differences would be.