Yeserday morning I opened my new 4S, said YES to everything during setup (LS,Notifications,iCloud, etc), downloaded all my old apps, played for an hour or so, then went to work. Noticed at work that in standby I was losing 3-4% per hour. This is my first iPhone but I thought there is no way that's normal. The one thing to note is that I didn't pay much attention to how much charge was there from the factory. I did have it plugged into the computer for 30 minutes or so to sync music and photos.
After some reading here and elsewhere I did a reset/OS re-install of 5.0.1 via iTunes (did not restore from a backup). I did everything the same during setup except I didn't have it download all my purchased apps, as I was supicious of the Facebook app after reading elsewhere. I also went into the Location Services menu and turned off most of the things in the advanced list (iAds, Time Zone, Traffic, Diagnostics, etc). Charged it up to 98%, unlpugged, and then let it sit overnight. (Everything still on, connected to my WiFi network). In the AM it was sitting at 95%. Excellent!
Currently I am at 80% with ~1 hour of usage and ~14 hours 15 min of standby. At work it seems to be losing ~1% per hour in standby now - a massive improvement. I think this might be due to poor 3G reception and the fact that there are wirless networks in the building that I'm not joining. Anyways, I'm going to use it without any additional apps over the next few days and see how long it takes me to get to 1%. I'll post back once I've run it all the way down. Next I suppose I'll try the FB app again and see if it's really the culprit for me.
Ultimately even if I had to charge every 24 hours it would not be the end of the world, but coming from the iPad and an old flip phone I charged once a week (different animal2, I know), I had really high expectations as far as battery life goes.