Thanks Ashin. I'm glad I asked my question because that's a whole load of interesting information that you replied with.
My phantom usage does seem to be less with iOS 9 installed. I've had my iPhone 5 off the charger for over 24 hours now. Since being off the charger I've only hit the home button maybe 3 or 4 times to take a peek at the battery percentage, didn't even swipe-to-unlock it on any of those occasions, so maybe 4 x 30 seconds plus a minute just now to actually unlock and look at the usage stats = 3 minutes total genuine (as opposed to phantom) usage.
Having just unlocked my phone to look at the battery stats in settings it is showing 51 mins usage and 28 hours 16 mins standby. That's a lot better than the 2 to 3 hours of phantom usage that I would typically have seen with iOS 8.4.1 but still disappointingly high for a phone that really should be doing nothing at all as far as usage is concerned. There's currently 78% battery remaining by the way on an iPhone 5 phone/battery that's just a few days over 2 years old. iOS 9 does seem a bit better on phone battery life than iOS 8.4.1 was; it's certainly way better on my iPad Air and has probably added at least an hour to my usage time if not more - more experiments needed there.
I suppose if I'm going to be optimistic maybe at least it's good to know that there is scope for Apple to reduce standby drain further, at least for people who like me don't want much auto-updating stuff like automatic photo/app/ibook/etc syncing enabled.
Try downloading XCode if you have a Mac, and open up Instruments to watch the process activity.
My "tweaked" iPhone on iOS8.4.1 (no buggy iCloud features going crazy) and other stuff disabled (Siri, iTunes Connect, Background Refresh, etc) only clocks up around 4-5 minutes of phantom usage over night (8 hours).