There are a lot of people who aren't seeing these battery issues. I do think they exist -- I think it's some type of software bug that causes one or more radio (gps, Bluetooth, wifi, 2G/3G) to not power down when idle. I think that people who upgrade an iOS 4.x image are more likely to trigger it.
I have an iPhone 4s with iOS 5 pre-installed. I just set it up as a new device in iTunes (Didn't restore anything.)
I get nearly 2 days mixed use (90+ minutes of calling, an hour or so of wifi video, couple hours of games, maybe 7-8 total hours of usage, 1 day 7 hours standby.
I have everything turned on, 2 iCloud accounts, 3 exchange accounts, Facebook, Skype, Twitter, and some news apps all with notifications going.
The only thing I have turned off is Bluetooth (because don't use it) and Location Services check time zone (because in order to change timezones, I need to spend 6 hours or more on an Airplane...)
Based on my own experience, I think the design and architecture of the iPhone 4s is fine, and capable of very good battery life.