I'll turn AOD back on tomorrow or later today to see how much the discharge rate increases.
Another update, after another hour with AOD off I checked and was seeing the same ~2.8% discharge rate (7 hours into this test). I then turned AOD on, starting around the 82-83% remaining marker. After 35 minutes I'm already down to 78%, indicating a discharge rate of around 8%. This is a pretty short data point, so will monitor it over the next couple hours, and then turn AOD back off.
I think many people were hoping that AW S5's idle power draw with AOD turned on was on par with the S4's idle power draw. I didn't own an S4, but did own an S3... so far while it may qualify for 18 hours 0-100% with light usage, this is seems to me that under light usage the battery is around 2.5x _shorter_ with AOD on.
Hopefully this is a symptom of watchOS 6.0 and watchOS 6.1 will improve AOD power saving... I was really hoping for ~3.5-4%/hour under light usage, and comfortably at least 18 hours with moderate (say, 5%/hour moderage usage, 3.5% light usage). Pretty tempted to just return it, save $100, and get a Series 4 at this point now, however.