Today's results from a fresh charge, day started at 5:45am, phone died at about 7pm:
13 hrs standby
5 hrs use
I use Exchange push and get a ton of emails, have iCloud for backing up, iTunes match and photo streaming, reminders, find my phone and have location services all on. I was connected to wifi most of day. Also my office is in a poor cell area, so I'm constantly searching for sig throughout day. I have brightness set to about 1/3rd, but keep auto on. I could turn off a significant amount of stuff, but I would rather leave it all on and deal with less battery.
I think this is reasonable, but expect it to improve over the next few charge cycles. Typically my new iPhones start off poor and improve after first full week or two of charges. Plus the novelty of a new phone tends to increase your typical usage.
The Exchange and the weak signal is the biggest drop. Weak signal alone will eat through your battery like a hungry kid likes cake. Location is probably one of the biggest factors when it comes to battery loss, if your in an area of poor signal your phone works harder to try to get signal. My CDMA iPhone will work for 2 days straight when I am not at work, when I am at work I get 1 bar of Verizon and my phone is dead in a day. Simple to explain.