I think the problem with these battery threads is that what everyone does with their phones is different, and I am sure there is some exaggeration going on as well.
What people consider "light," "moderate," and "heavy" use is so subjective. A hard core fanboy might consider 2-3 hours of Netflix streaming to be "light" use whereas I might consider "heavy" use checking my email every 30 minutes all day long.
the other thing is that people hardly ever post their stats. I am aware that some haven't rooted their phones and it just may be too cumbersome to post pictures, but you really should offer up something to let others know what is using your battery.
For example, I could have boasted 72 hours of battery life based on my use. Here, I have the screenshot to show it (figures 1 and 2 below). But if you look, the phone was basically idle. Nothing was running. Nothing. So, this is not even "light use."
Take another scenario. Figure 3 shows my battery life with another ROM and I've gotten 14 hours of use. Some with 4G. Some with Bluetooth. More activity. More screen on time. I would consider this "light use" for me. But, then I turned on GPS and did more media streaming and I landed up with about 1 day of battery life with more moderate-to-heavy use at the end of the day (notice the rapid decline in figure 4). Figure 5 breaks down how I used the phone with Oxygen ROM and franco kernel 0811 CFS as well as Paul627g's Simply Blue Theme. A bit more media used.
Screen on time is important as well. Figure 6 shows that on that day, I had 2h and 31m of screen on time and it occupied 37% of my battery. (Had it set to 10% screen brightness.)
In terms of settings, Figures 7-10 show how I have it set up in Voltage Control and NS Tools. Currently I am running Oxygen ROM 2.3.1 with franco's kernel 13 November release. Credit to ZiggSevo for the voltage recommendations.
Hopefully that makes sense. Also, notice the variability in the wifi and phone signal over these times. Signal quality and availability can also affect battery life.
What I have found that works for me and my phone is to charge fully before installing a new ROM and kernel. Once that's done, I calibrate the battery (wipe stats in CWM or with an app -- need to be rooted). I let the battery drain completely and then charge to max uninterrupted. The battery life "adjusts" over a day or two. I don't know why.