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Charged my phone before i went to bed, 100% with every feature off (wifi, data, etc). Checked again about 9 hours later and the power was down to 76%.
"Android OS" showed as 74%, Keep awake: 8h 47m -- Cpu total: 32m
In CPUspy, "Unused state: Deep sleep" 
if you have taskillers, battery apps and/or antivirus this might be the cause
http://www.engadget.com/2012/06/18/android-wakelock-api-bugs/
Android apps that use power control APIs are often 'battery killers,' oh the irony
http://www.tgdaily.com/mobility-features/64061-api-glitch-may-explain-fast-draining-phone-batteries
http://www.purdue.edu/newsroom/research/2012/120613HuSmart
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in order for anyone to help you
charge your phone 100% -> restart it -> use it as you normally would -> once you get to 10%
settings -> battery -> take screenshots of the list and the graph and also tap on each item on the list and take screenshots or copy the amount of time each item was on > post everything here
it'll be better to take a screenshot of each item
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i suspect it might have been a rogue app (no task killers) that hasn't been optimised for ICS. Removed some stuff and restarted and the phone is already getting back into deep sleep which is great. Going to see what happens overnight.
One thing that was interesting is that when i was having the issue as in the first post it showed as "Android OS" draining the battery not "Android System". Anyone know if that means anything? I don't think i usually see "Android OS" in the battery info section instead it's usually "Android System".
Keep us posted
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I think battery life is a little bit improved in ICS. Last night I measured 4% decrease over 8h, which is very decent.
I sync a lot of things w/ my phone so I don't see that much of an improvement
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That's why I say "I think". I'm not sure, just tested it once last night.