I've tried both ways and I'm thinking now that push uses less battery. My biggest battery savings came from disabling the GPS. I"m now running 3G all the time, 50% screen brightness and push emails (which I get a decent amount of) and my battery life has gone up dramatically.
If timely email is critical, push is the way to go and it sucks down less battery than relatively rapid polling of a server. If it's not all that important, polling hourly or manually is the way to do. My wife, for example, checks her email like twice a day on the laptop. Push makes no sense for her and so I have hers set up to check hourly. For me, push is the only way to go because of work mail. As far as battery life with push enabled, I see no difference between the iPhone and my Windows Mobile phone. If you get a LOT of mail, folders and rules may help. For example, if you get lots and lots of mail, some of which you don't care about, create folders and a rule to move mail from the main inbox, which gets pushed, to a folder which does not get pushed. Why get it pushed if you don't care about it?
On battery life in general, I have my screen brightness down somewhat, GPS turned off, bluetooth turned off, Wifi turned off unless I need it and 3G turned off unless I need it. GPS should be off for everyone. The only thing that uses it right now is Google Maps and that's worthless junk. Bluetooth is totally useless unless you have a mono headset for phone calls. If you don't use it, turn it off. My battery life has increased tremendously since doing all that. Some people complain that "I'm not turning off the reasons I bought this phone" but in that case, your complaints are meaningless. What do you think is going to happen? If you're stubborn about it the battery fairy will wave her wand and suddenly your battery life is tripled? That Apple is sitting on a nuclear fusion battery just to mess with you? No, for the foreseeable future you can't have it both ways. Either turn off the stuff you don't need or don't use or suffer a battery that goes a few hours between charges.
All that having been said, the time between charges when I pulled the phone out of the box didn't really seem any worse than any other smartphone I've ever used, and I've used plenty over the years. Sure, it's a LOT worse than a cheapie Nokia, but compared to a Blackberry 8800 or a Sprint Touch, it's more or less the same.