Well the quoted battery life is based upon 128kbps aac, (iTunes default), and assumes the user does not access the iPod much during that time and a "reasonable" volume level, not to mention no EQ settings either.
I have no EQ settings, play it bit louder than what apple would go by, encode largely at 256kbps and don't access it too much. When I don't sync to iTunes for a few days, I would say the battery can go for up to 9 or 10 of the quoted 15 hours. If I were to fully test the battery out to its full potential, I think I could get up to 18 hours, (as other tests have confirmed). One of the most common problems people seem to report when they bring them back to our store for other reasons is, "and the battery life doesn't reach what it says". When I ask them if they have done any of those things above to shorten it and if they are topping up the battery or fully charging/discharging, it explains it almost instantly.
Most of the extra power comes from hard drive accesses, so having a 24 Pink Floyd track, (Atom Heart Mother and Echoes spring to mind), won't be any different in power than playing 6, 4 minute tracks I think, what really increases consumption is when you have higher encoding. Because for the same 4 minute track it takes up about 8MB rather than 4MB, it can't store as much in the buffer and so needs to access the drive twice as much.
What is interesting is Sony quoting 40 hours battery life on their HD5. That assumes the user is encoding at 48kbps ATRAC3PLUS. While many argue that this is the same quality as 128kbps mp3, independent tests of all formats at 128kbps have Sony's format running near the bottom, with usually something like ogg winning and aac second. For mp3 I estimate the HD5 goes down to 20-25 hours at most.