Mine is draining at an alarming rate. All push notifications off, airplane mode when playing games, etc. Battery still running down in just a couple hours. I’m considering a return (only 3 days in).
Anybody else having problems?
Have you tried disabling “Setting Time Zone” under Settings/Location Services/System Services?
I have location services completely off (mine is an iPod Touch 4g).
I am putting it in airplane mode when playing games so it won’t be connected to wifi.
I have all the push notifications off.
And it is still only lasting 3-4 hours. 
Yup.
The next update is supposed to be the one that fixes it.
Sounds like you got a lemon. I take care of a bunch of iPhones for my company and haven’t seen anything like that. Were I you, I’d get it replaced.
It’s a fairly well-publicized problem; Apple has even addressed it. You’re lucky if you’ve never seen it.
Update 5.1 (as opposed to the current 5.01) is supposed to address it, as well as adding some extra Siri stuff for those who don’t have all the functions outside the US.
One thing I have heard is a temporary fix of powering down and reboot your iPhone fully (not just turning the screen off). I think you hold the ‘off’ button down for a few seconds to power it down.
I just got my iPhone Saturday. I’ve had it on all day (about 10 hours at this point). I’ve done some messaging and briefly running a few apps; I have not used the “phone” portion of it today (this thing does work as a phone, right?). My battery is at 82%.