For what it's worth, deleting my iCloud account from the phone (and thus, turning iCloud syncing off) has returned my battery life back to the performance it had in iOS 4, if not better. I am still syncing my stuff via MobileMe, however, with no issue.
You'd think that there wouldn't be a difference, but there must be something new in the iCloud syncing protocol that has it constantly checking for changes or something along those lines. As soon as I disabled iCloud, my battery was back to having great life again. For anybody that's having battery issues, I'd suggest trying this and seeing if it makes a difference.
I'm sure this will be fixed in a future beta, but for now this seems to be a good workaround option.