After reading entries on Google and combing this forum for answers, I finally found a fix for this. I won't bother retyping what all the problems were because, if you're reading this page, you know what the issue is and all possible fixes that have been put out. I was having the battery issue just like everyone else.. the battery would drain ~3% per 5 minutes of use and would be gone within 2 - 3 hours.
I turned off unwanted Notifications, locations services, iCloud and stuff that really wasnt needed/wanted.. (which I would have done anyway even if this battery issue never existed and you should too.) This didn't help a lot initially but:
My battery starting running like it should when I turned off Weather Widget AND killed the background apps that were running.
To kill the Weather Widget go to Settings>Notifications>Weather Widget.
I was unaware that when you double the tap the Home button and the recent applications pop up, that you're able to close them by holding your finger on one of the apps.. (As if you were going to move them). My phone had every application that I had ever opened since the first power on, running in the background, Even after a complete power-off and restart. So I killed all of them except phone and messaging.
Today my battery went 6 hours and only lost ~25%!! Which obvisously fixed the problem.
However, I make sure that, everytime I open any app I:
1. Close it like normal
2. Double tap the home button
3. Hold my finger on the app and completely close the app from running in the background.
AND YES, this goes for all applications not just 3rd party ones. So I'll squash that now. 3rd party apps are not to blame for this issue. All apps including factory ones have a hand in this.
This entire problem is software related, not hardware in my opinion. Doing the above fixed my problem and should for anyone else. I'm sure some people will say "Well I didn't have to do this for my Iphone 4."
Well I don't know about that, because this is my first iPhone (aside from an Ipod Touch).
All I can tell you is that I don't have a battery issue anymore after today...