I just checked and mine 4G indicator is currently white, but I'm pretty sure in the past it's been blue when wifi was also connected. I'll monitor this though.
Another thing I just thought about is the fact that I de-selected the wifi advanced setting to keep wifi on while the screen was turned off. I will re-enable that and do further testing.
Settings>Wireless & Networks>Wi-Fi settings>(Capacitive Tough Menu Button)>Advanced>Wi-Fi Sleep Policy--->Change to "Never"
I had it on "Never when plugged in" which probably means once the screen turns off and you're not plugged in, the 4G radio kicks in and the wifi-radio turns off.
Also, is there an app (Quick Settings?) that tells us what is using up the most power with detail? I used PowerTutor for my OG Droid, but it's not compatible with the Bionic yet because it doesn't recognize the 4G radio.
Brandon