lot of threads already cover this question, but in a simple answer. yes, for me going from 5.0.1 tp 5.1.1 makes a night and day difference in battery life.
My battery life has gotten worse from 5.0.1 to 5.1.1 and I have location services even turned off in 5.1.1. I had it on in 5.0.1. I did a full wipe and install of 5.1.1 and did not restore any backups. Not sure what is killing the battery. I might need to wipe it again. I had more turned on in 5.0.1 and had better battery life. Strange.