The thing that made the biggest difference for me in iOS5 b4 was turning off Ping.
That made a massive difference for me. Huge. I recommend you all do it (unless you use Ping obviously!)
I am trying this right now
I was having the same battery issue, it was literally draining before my eyes.
I tried all the suggestions such as turning off some of the location services etc, but they didn't make a noticeable difference.
Having read somewhere else that the issue seemed to be caused by the OTA update, I did a full restore to iOS5 beta 4 using a wired connection. Now the battery life is back to normal.
Did everyone who is experiencing the battery issue do an OTA iOS update? If so, try restoring like I did.
I don't remember having any problems with the OTA update