It's not a hardware issue. It is related to iOS 4.1 under certain conditions. Try some of the suggestions in this thread before replacing it... you might be replacing it with one that has other issues (like light-leaking).
I did my own set of tests for it. I restored it as new and synced all her music, apps, movies, etc. on it. I killed ALL apps in the multitasking bar, had push off and fetch to 30mins (I had no email account set up on it though), and flipped on airplane mode.
Like I mentioned above, the battery would usually drain 50+% over night, no apps in the multitasking bar, but wifi still running. Now that I tried airplane mode and the battery didn't even drain enough for me to notice a difference.
I know others have mentioned it, but (at least with my situation) this isolates the battery issue to wifi. I have an iPad running the latest software and leave wifi on all night and it drains maybe 1%. I have an iPhone 4 with fetch on 30 minutes running the exact same software as the iPod Touch 4G (4.1) and that drains maybe 1-2% over night.
I understand we have concluded it's possible software issue, but if that's the case then why isn't my iPhone 4 having the same issue?
I'm just trying to help rule out all possible catalysts to the problem. For me, I'd prefer not to make an hour long trip and spend 20 bucks in gas plus tolls to go have a genius replace it again just to (more than likely) have the same issue, possibly more, like you mentioned.