I have all Google services on, including location services and I've been extremely pleased with my battery on my Nexus 5 compared to my N4. I make it through an entire day with 4+ hours of screen time. Every once in awhile I'll get a run away service or app that will want to keep my device awake and a quick reboot always seems to correct it. I've had my 5 for 2 weeks now and a few days ago I did have Google Play Services that went wonky on me and I only noticed because when I left work with only 35? battery, I knew something was up and sure enough, Play Services had kept my device awake for 10 hours. I rebooted and it's been great ever since.
My point is, I have found Google has done an amazing job at utilizing the batter with all their services on. It's usually a rouge app or service that needs to be reset and not turning everything off that makes a Nexus device so great. I think they've done a great job with the 5 and Kit Kat. Reading around I've found others are also happy with the N5s battery, so check for rouge apps and give it a couple days to see how it evens out for you. Like I said... I'm very happy with it.
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