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Battery life is great, easy 10 hours on wi-fi. I ran my battery down until it shut off on the first run, I remember this from my last iPad, which ran longer after the first complete discharge and charge. Taking pictures or video really cuts down on battery life, but it always did.

Also my iPad was really hot the first 2 charge cycles, now it seems much better, I can't figure that but it's a fact. It's not hot now, the entire right side and top is now cool, only the left middle is warm.
 
Did you set up you new iPad as "A new iPad" or with an iCloud or computer backup/restore? With it connected to the computer with the cable or wirelessly?

I restored from an iCloud back-up wirelessly and had battery problems immediately. Then I read on this forum that I should restore the iPad to factory settings and set it up as a new iPad through iTunes, connected to the computer with the cable.

My battery drains within 3-4 hours at 60% brightness. I read in an Apple How-to article NOT to let it go to 0% before charging AND not to leave it charging all night--only to about 80%.

I really want to improve battery life and don't want to have to go to the Apple store.

i always set up as new. i also synced everything with the cable and pc.
 
I've been using my iPad like a madman since Friday's launch on the original charge, and it just finally went dead this morning. And this is on an un-broken in battery. So about 3 1/2 days use out of the very first charge is pretty good to me. I anticipate the next charge will get me even further, which will be on par with what I got out of the iPad 2.

I will also say that I ran it down to dead this morning on the train. I plugged it in at 7:00 am. It's now 7:43 and I'm almost charged to 20%. So I'm not experiencing the extra slow charge times either. Maybe I got a magical iPad.
 
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http://www.anandtech.com/show/5694/tested-battery-life-on-the-new-ipad

Now for the killer. If you have an iPad on Verizon's LTE network and use it as a personal hotspot (not currently possible on the AT&T version), it will last you roughly 25.3 hours on a single charge. Obviously that's with the display turned off, but with a 42.5Wh battery driving Qualcomm's MDM9600 you get tons of life out of the new iPad as a personal hotspot.
 
Four hours of use down to 10% certainly isn't good. I've been running mine almost continuously surfing the web, streaming radio, and reading for the last 4.5 hours on max brightness, and my battery is down to 60%. You might try going through a charge cycle before you exchange just to see if it makes a difference.

Max brightness is probably your issue I am going with. I get at least 10 hrs on my iPad but I keep the brightness at about 50%, higher that 50% hurts my eyes. Typically all battery life test are Done on 50% brightness so if you have your screen at 100% brightness I am sure your battery life is going to be cut in half for the most part.
 
Take it off auto brightness. Then adjust the brightness. I can wear sunglasses and use the ipad at 40%
 
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