I just did my first semi-controlled test of battery life compared to my old iPhone 4.
With the 4, I took daily walks for 2 hours, using RunKeeper to track my course and time by GPS. I always cleared the multifunction tray, turned off wifi, and turned screen brightness full on, with auto brightness off. During the walks I would occasionally respond to texts, or check email, but only once or twice.
On the 4, I would return home with 78-81% battery according to the indicator.
I just did the same thing with the 4S, and had 74% charge. There is a definite difference, but not much. I'll keep checking throughout the week to see what deviation I experience.