So I figured a follow up was in need here....
I returned my Nexus for a replacement - brand new - within my 30 days. I was having 8 hour battery life, barely any signal, and horrible (if not impossible) wifi connection to anything. Anyhow...I have a new Nexus S and it is a completely different device. I have had it running 14 hours on stock kernel with 400 min off screen set on SETCPU and have 37% left. This is what I would expect. All other results I've placed on this thread have been from what I would call, a LEMON. My wifi now connects everywhere I want it to, I have better signal everywhere, and overall the device is a better, smoother experience. I will try these kernels after I get the battery adjusted. I hope to have the same experience KSmith does. If anyone else is having severe battery, connection, or anything problems...take your phone back. I've read online I'm not the first. Don't let the 30 days slip by you.