I just got the AT&T microcell due to 0-1 bars of reception in parts of my house. I noticed that quite frequently, my phone is cycling between HSDPA and UMTS. Would this cause the battery to drain quickly?
Absolutely. Cell radios use a GIANT portion of your battery. I always got worse battery life on Sprint with my Evo and then 3d because it was constantly cycling between 2g, 3g, and wimax.
Changing between different connections will consume energy. This applies to low signal as well, as even with a stable connection the battery will drain faster with 1 bar than with 4 or 5 bars.