I'm probably in the minority, but I do switch off LTE when I'm at home. Reason being that I have a Verizon 3G network extender in my home so I can make/receive calls at my house.
If I leave LTE on when I'm at home, I've noticed that the iPhone 5 does automatically fall back to my 3G network extender when I make or receive a call. That's nice. However, as soon as I hang up, the phone goes from 5 bars to one or two as it locks back onto the LTE signal.
When the phone is on standby, I'd prefer that it not drain the battery more quickly because the phone is straining to latch on to the weaker LTE signal. When I'm at home, I'm using data over Wi-Fi anyway so I have no use for LTE here at the house.