Kill it, I always do, it shows up yellow all the time in taskiller after a reboot meaning its using up processing cycles (and therefore battery) and it doesn't make a difference once its gone.
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My tips are:
1. Keep it out of the case
2. Install I5 - but make sure you do a factory reset after (and a reboot)
3. Use taskiller to identify widgets/apps which don't run gracefully (wake the phone occassionally they will show as yellow in taskiller)
Hey, I've been reading these forums quite abit and just registered so I could share my experiences.
Followed the tips above and seeing huge improvement.
Updated to II5 with the NPS a week ago, but did the factory reset(actually 2 times..) yesterday.
Full battery lasted roughly a day before, after II5 without reset the same.
Factory reset + installing all previous software gave me a big supprise. 6 hours, so I charged it a little and did another reset.
This time around, I forced the phone to die out on me with running all possible things at once, charged it to full, booted and "killed" it again with heavy use.
Oddly the heavy use lasted little over 2 hours. Then again charged to full over night and booted when I got to work so it can be out of the case on the table.
Just started installing programs that I need, one by one.
Before I used to do a full wipe with TasKiller but now I have left the system ones and the white ones be and only left the battery status from yellow tasks running.
Uptime is now 5hours and battery at 96%

EDGE has been on the whole time, with minor usage by the Market app.
Sorry about the wall of text and thank you all for testing and sharing.
ps. Andoman, you're 100% right about the sleeptime killing battery. But how you force the sleep mode?