Yes RJV, I'm pretty sure it is the same issue as AOL is reporting with Exchange/ios 6.1. Also there was a link someone posted earlier from zdnet reporting that some IT departments were blocking some (or all?) ios 6.1 users from their servers until this gets fixed. That hasn't happened yet at my company, but could be coming soon.
I'm still puzzled why I am seeing the problem, and my buddy at work who also has an iphone 5 with the same setup as mine does not. I will need to look closer at his phone next week using the SysStatsLite app to see if he has the same problem, but just didn't notice it. Now that I know what to look for it is pretty easy. If the CPU usage is constantly up around 20% when no apps should be running, then it is a pretty good indication. If you then disable the calendar in the Exchange App, and the CPU usage drops down to something low - around 3-5% or so, with occasional spikes up to 20%, then that is a smoking gun that Exchange calendar is the culprit.
It should be noted that some other mail/calendar services use Exchange in the background, so it may not be obvious to the end user if Exchange is being used. Try disabling other calendars to see if it has the same effect.
Hopefully there will be a fix soon. I'm sure with this uproar people are working on it. Meanwhile, I'm going to check out the 6.1.1 beta, and may also pay a visit to the Apple store techs again. Two "fixes" seemed to work for me, but only temporarily (1day and 2 days, respectively). I have Applecare, and the Apple techs hinted that they might be willing to just replace my phone. I may take them up on it.