No, I'm not missing the point. I've used Google Latitude for over a year now, and it also always keeps the GPS on. It impacts your battery, but not as much as you're claiming.
However, when I first installed iOS 5 I noticed my battery was draining significantly faster. Turning off the syncing of the iCloud stuff cleared this up immediately.
Sorry for jumping to conclusions---there was a lot of commentary in this thread by people who were not using iOS 5 and speculating. I'll try disabling iCloud and see if it improves. Thank you for the suggestion.