The battery life is better on cellular lasting the promised 8 hours of web browsing.
However, it is worse on WiFi getting the same 8 hours but less than 10 hours on iOS 6.
Anandtech noticed this too and the iPhone 5C which is the same as the iPhone 5 scores just 8.5 hrs in the Wifi browsing test, 2 hours less than the iPhone 5 with iOS 6.
If you are on Cellular most of the time, you won't notice a difference. Those on Wifi most of the time will notice.
So yes, battery life is worse and hopefully will be sorted in the next upgrade or too.