As I posted above, I'm getting dramatically better battery life now that I've restored my iPhone 6 from an iTunes backup and performed the Pangu iOS 8.1 jailbreak. First picture is for reference, which was my 7 hours of usage using only half the battery. Second picture is how I've configured Settings / Privacy / Location Services (forgot to screenshot the stuff that got cut off at the bottom - everything cut like Popular Near Me is off). Third picture is how I've configured Settings / Privacy / Location Services / System Services. Fourth picture is how I've configured Settings / iCloud.
Brightness is left at default auto-brightness mode. Wifi is always on. Bluetooth is always off. Orientation lock is on. Also background fetch is turned OFF.
Before the jailbreak I had my twitter account logged in under Settings. After the jailbreak I've removed my twitter account and removed Twitterrific. This seems to have reduced the "network always spinning" bug in Safari that came about during iOS 8.1. It also seems to have helped battery life. I use twitter through the web now.
Oh I also no longer swipe to close my frequently used apps. I only swipe away things like Camera, Maps, and Voice Over IP apps. This seems to have helped battery.
The jailbreak tweaks that seem to have extended battery life that I have installed include:
Disable Parallax Effect - This removes the parallax effect from the home screen but leaves all the other animations intact (so it's better than using Accessibility Settings / Reduce Motion). Seems to greatly reduce battery use from the home screen which has been a big percentage battery drainer for a lot of people in this thread.
NoLiveClock - Stops the home screen clock from constantly updating and animating. Again reduces battery drain from the home screen.
Light Untrusted Hosts Blocker - Adblock based on host file entries that saves battery and data by not downloading or rendering ads on web sites visited in Safari (should work in Chrome and everything else too that has ads).
Finally my wallpaper is set to the mostly black picture with the top of the earth showing (one of the default still wallpapers). This could possibly be helping my battery by not having to use much power to display the background.
I'm not sure which of these is causing the biggest battery gains. Altogether though they've improved my already great iPhone 6 battery life from about 8-10 hours usage to about 12-14 hours! This is insane. It's now even better than the iPhone 6 Plus I had before.
Would love to see if other people can reproduce my results!