Have you upgraded to 10.12.2 as many people said there Battery Life improved noticeable with this. Might be worth doing a download of 10.12.2 and doing a clean install as that solved many users issues. If do today/tomorrow then should still be able to return if still not happy.
Yes, I did a clean re-install after 10.12.2 and it's improved quite a lot on my 13" mid-level TB. I still see a bit more drain during sleep than I should, but that's a software thing and can be addressed. Overall, in actual use, I'm seeing a consistent drop of 10% per hour using "Battery Logger" (App Store).
Right now, I'm at 13 hours of sleep and 40 minutes on battery with 90% left. I'm okay with that, assuming sleep is addressed (I'm sure it will be). Without sleep, just unplugged and using it, it does seem be getting 7-10 hours using Spark mail, Safari/Opera, iMessages, etc. This is SOOOO much better that the 3-5 I was getting at first.
I can't see returning this one now. With the extended holiday policy in effect since mid-November, I still have until after the new year. What are the options really? I don't want a 2015, as I've found the TB a huge boost to me in productivity (Believe it or not!), i love the form factor, the new screen and the keyboard. I still have a 2016 MB 12" m5 to sell that I've held on to pending this one's decision to keep or not. Power wise, I love the MBP vs MB (of course). Although, I do prefer the form factor of the 12"
(which also gets 8-11 hours battery for me).
I say try your MBP a bit longer, reinstall (FRESH, wipe HDD and do a clean install from a USB install drive), give it 3-5 days to finish spotlight, etc. and then judge.