I agree. When I upgraded to 4.0.4 a couple of weeks ago, my battery life became terrible. Maybe I could get 2-3 hours. My phone was constantly hot. I tried a few of the suggestions; extend Exchange refresh to 1 hour, change Facebook refresh to never, turned off most of the google refreshes, turn off google+ upload of new pictures. None of this seemed to help yesterday. In fact, none of my chargers could re-charge the battery if the phone was turned on!
Android OS was consistently over 10% of the battery life and it was item #2 in the list.
Rather than trying to debug the issue, I reset my phone to factory this morning. In a few hours of testing, it seems to have helped. Of course, that's not really enough testing.
Now Android OS is 4% and it is the 8th item in the list.
Most of my apps were automatically reloaded, but I still had to go change most of the settings, like which exchange server and hotmail accounts. It's possible that it will get worse in a few days as everything is setup to work again.
At least I feel comfortable that my phone will work next week while I'm traveling.