You need to read my assertions more carefully, Skull - as not one of your points refutes my assertions. Your point about factory loaded iOS5 versions compared to upgrades can be ANOTHER factor in the variability we're hearing but it is NOT the defining one per my study of all the cases I'm reading in scores of web pages on the topic. And your explanation can not account for the differences in the 4S's themselves - some with perfect battery life from factory and others, not - even given similar usage patterns of the users and 'supposed' exact iOS5 factory installs.
And read again my 1st assertion which actually would be inclusive of your point. The reason I know for 100% sure that my #2 point is at least in this equation is because there are scores of threads on these forums on battery life problems at the roll out of the 3GS and the 4 when they each came out. That proves that poor understanding of rechargeable battery physics is at least IN the equation.
I think we can agree that it's not just ONE issue.
Even if we have to agree to disagree on my points above - let me ask you what your thoughts are on the reason why Apple would fill their factory 4S' with a different iOS than the download for upgrading? Other than, of course, the need for the sub routines for Siri and other unique 4S features.