I don't have iOS5 installed. But I am reading a lot of information on it and from others experience it seems a few things are very common.
1. People that are having issues with battery life have upgraded to iOS5 from a backup.
2. People that have restored as new are more than likely to have little change in battery performance.
3. Misconception on location services, that each app that uses this feature will individually go get the data on its own. But in fact once LS is enabled, each app will obtain the data from that api and not go get the info on its own. So turning on LS on many apps is no different than turning it on for one app.
Again, this is just from my readings on many threads here and on other forums.
My only suggestion if you're having bad battery life is to do a restore as new. Then compare.