Location Svcs for Diagnostics, iAds, and Time Zone are off
Exchange email and iCloud are all on with Push
Gmail is on with 30 minute Fetch
Brightness at 50% with auto off
WiFi is on
Hotspot is off
It is now 5:12 PM and my battery is at 63%
That sounds really great, I hadn't noticed a battery drain on my iPhone4 after I upgraded to iOS5 until I went into check on the TimeZone setting. It seems that this setting being set to ON kills the most juice at lest in my testing. I will try the Location Based iAds and see if that does anything, though I think that makes more sense when I'm in apps that use iAds. I have left the Diagnostic info on because I'm hoping these type of info in the diagnostics logs will help Apple improved their code...
btw I use gmail as push on my iPhone, I am getting excellent battery if I leave the timezone off, my usage is as follows
-browse rss feeds and articles for 30min in the morning
-check emails 5-30 min depending on email load for the day
-listen to podcast for 15min (on way to work)
-answer phone calls (about 2-5 a day) on Cisco Mobile @ work
-play Wormz2 @ lunch for about 30min (or templerun or jetpack machinegun or doodle jump)
-listen to podcast for 45min (on way to pickup kids after work)
-follow up on rss feeds/articles in the afternoon for 1hr
-read rootzwiki (usually for 30min) for hacking my android phone

-stream a video for 1hr (excercise)
my usual battery life at the end of the day is between 20% to 30% (with timezone setting to off nothing else changed).