Best estimates I have so far (S5 44mm) are:
S5 44mm: 6.0, AOD off, 2.8%/hour discharge rate
S5 44mm: 6.0, AOD on, > 6%/hour discharge rate (varies, sometimes it is around 8%)
In comparison, S3 watchOS 5.x was around that 2.5-3%/hour discharge rate. Reports from those on WatchOS 6.1 beta 1 I calculate to be around 3.5%, which seems more than acceptable and hopefully fixes the issue.
This is all very light usage (notifications+time, no gps or cellular) and excludes the first hour, since that stays at 100% for a while, throwing off discharge rate results for short periods of time. With these numbers I would expect:
S3: 5.0, 34 hours total life (100%-0%), 28 hours comfortable life (100%-20%).
S5 44mm: 6.0, AOD off, 37 hours total life (100%-0%), 29 hours comfortable life (100%-20%).
S5 44mm: 6.0, AOD on, 18 hours total life (100%-0%), 16 hours comfortable life (100%-20%).
S5 44mm: 6.1 beta 1, AOD on, 29 hours total life (100%-0%), 24 hours comfortable life (100%-20%).
The above are all predictions however... I sold my S3 a couple weeks back in preparation for the S5, and I haven't tried out 6.1 beta 1 myself. Not sure how linear the battery life indicator is, so that may also throw off the results since I charge every night. The short battery life of the 6.0 AOD on case I've run into on multiple days now (and generally it may even be shorter.. closer to 12 hours to get to 20%). The S3 I've definitely run into where I didn't place the watch on the charger properly, and gone a few hours into the next day before hitting the power reserve notification, so those battery life estimates look reasonable. Hoping once 6.1 is release I'll be seeing closer to those 24-29 hour light use with AOD on.. so stated 18 hours under moderate use would seem reasonably obtainable then.