I refuse to turn anything off. I want it all. WiFi, Bluetooth, Location Services, Siri, EVERYTHING. If the phone can't last me 16 hours, then I'm getting a Mophie Juice Pack....
This is EXACTLY what I did.
I found myself staring at the battery percentage when I use my phone. I felt like it went down much faster with the Percentage on, Then when It's not there.
I've drained every phone (3G, 3GS, 4, and 4S) as soon as I got them at least once. It usually improves my battery life substantially. I used to drain them at least once a month but found it very difficult to do with the iPhone 4 so I only ever did it like three or four times throughout the life of the phone. I've never had battery issues. First day of 4S was kinda rough battery-wise, but a full drain and overnight charge fixed everything. Also, I read that doing it this way was the best. I spent a lot of time reading up on the forums and Apple's site back when I got my 3G.