I took my iPad off the charge at about 6:30 PM on Saturday. I've been using it moderately with the brightness at about 35%, mostly for web browsing, taking the odd picture or short video, a few minutes here and there of gaming (mostly draw something and angry birds space), some light reading in iBooks, some email and a little music; as of right now my battery is at 41%, which isn't too bad in my personal opinion.
However during this charge cycle I did play infinity blade 2; about 10 minutes of play dropped me about 4% of battery power, but I guess that's to be expected with the game such as this.
All in all the battery life isn't too shabby at all when it comes to regular every day activities. On the other hand, if you're going to play a lot of games that are graphic intensive such as infinity blade 2, your battery power will drop rapidly.