so is it safe to say...as we upgrade from 4.2.1 to 4.3 then to 4.3.1...4.4 etc etc battery life will continue to get worse?? I hope this is not the case.
I think maybe that it's placebo. If battery life was getting worse and worse after each update the iPhone forms would be flooded with people complaining their battery life is half of what it was when they first got it.
Every time an update is released there are some people who swear they get less battery, probably because they are overanalyzing and actively looking for problems. Unless someone uses an iPad from 100% to 1% with a stop watch before an update and again after an update (and enough people repeat the experiment to get a real trend going), we just won't know for sure.
Calculating based on % drain over time may be a quick way to find an estimate, but we have no evidence that the battery drains constantly. For example, on my original iPad it would stay on 100% for 30-40 mins before it started draining.
On current iPads, maybe 80% up drains faster an usual and then slows later. These are all variables we need to consider.