I don't get great battery (S2 LTE 42mm). I am at 61% after 9 hours, all on BT with iPhone nearby and no LTE use, no phone calls. I do have the longer wake time set up and I do get lots of notifications. But that's it.
On LTE alone, while doing a GPS-enabled workout and listening to music via airpods, I did find the watch went down about 25% an hour. This is about what was expected. When I leave the office, I expect I'll be down to about 50%, and be able to do an hour of non-LTE workouts getting me down maybe to 30%. I could then get to the end of the day (tethered, using just basic notifications and a few apps), or one more hour on LTE without the phone. Not great but not bad.
I find my S2 was better on WatchOS3 battery wise. I didn't use a lot of GPS though.
On other days I was able to be on LTE for an hour here and there (albeit not using it for anything but notifications and texts) and it didn't kill the battery; I got a full day with those 1-2 hours of LTE use only. The real battery killer seems to be GPS and/or LTE phone calls.