I've had iOS 5 on my iPhone 4 since the GM was released on wednesday and I would actually say that my battery life has improved since iOS 4.3.5
I did a test over the weekend and I managed to get 8 hrs of full usage out of my phone (before it hovered around 6 1/2-7hrs) with almost 36 hours of standby time.
- I have 3 location based reminders set
- I played multiple games (Words with Friends, World of Goo, Real Racing 2, Osmos etc...)
- Streamed audio from rdio (while on wifi)
- Made phone calls
- Used twitter
- iMessage
- Took pictures
- Wirelessly sent music and photos to my iPhone
- and a full iCloud back-up (first time)
It's really awesome stats... can you share your screenshot on Setting > General > Usage with Battery Percentage On?