Apple had to increase file size to keep video quality because they chose to go with lower profile video encoding. They probably did that for very good reasons (maybe we need a battery life comparison between the 4s and latest android phones while recording 1080p?)
That would be my guess. I can certainly tell that my Macbook Pro has to work harder when I try to edit more tightly compressed video formats on it. That's kind of how it works, I think. The more compression, the more the computer has to work at it.
I have no idea how that affects battery life, but I'm betting it's measurable in some way.