I have a few things to say about this topic.
1st, i have had pretty good experiences with AOKP M1 build....the last AOKP 4.1.2. i flashed it last night and TRIED to kill my battery (trying to diagnose my terrible battery life on 4.2) and i couldn't do it in 6 hours. i made a 30 minute call, took some photosphere pics (4.2 transformation pack) lots of forum browsing, messaging ect. before i went to bed i was at 7 hours and 24% left with 1 hr 32 minutes screen on time. it was pretty solid for me.
2nd. there are LOTS of things that can effect battery life.
the main one is apps. when you are on the "cutting edge" of operating systems, some apps get forgotten about and dont get updated to work with your current OS. i had an app that would literally keep the phone clocked at 700 mhz all day long and suck my battery dry in a couple hours. once deleted, battery life bounced back. as long as you are rooted, it is fairly easy to pinpoint a problematic app. use "better battery stats" from the play store or XDA and check your partial wakelocks. there shouldn't be much in there above 2% unless you stream music. if there is, that is your problem app.
also check out "cpu spy" from the play store. make sure your phone is going into deep sleep. if not, there is an app keeping it awake or the kernal should be switched out.
signal, if you have terrible signal, that really chews through battery as well.
Kernel, yes, some kernels play better than others, but most of the time they all act pretty similar. but some do "deep sleep" better than others.