Here's the problem that I found:
Basically, regardless of the Exchange issue Apple was trying to fix in this update, the iPhone continuously refreshes ALL the calendars every 4 seconds even in standby. If you aren't connected to Wifi, you're battery will drain more quickly (than when connected to Wifi, although it will drain with Wifi as well) and the device will heat up due to 3G radio usage.
I analyzed network traffic to and from the device using mirrored ports on one of my Cisco switches.
Try turning off calendars and seeing if that temporarily resolves the issue until Apple gets it together.
I turned off my calendars (I use iCloud, so I turned off the iCloud calendar) and my battery stabilized, the temperature stabilized, and the Usage and Standby times are accurately reflected in the settings.
Hope this helps,
Yosef