That is, battery lifetime isn't at all bad as long as I have location services (AKA GPS) turned off.
With GPS on, the smartphone might or might not make it through the day. Which is a bit ironic given that GPS was the main reason that I knew I would eventually be getting a smartphone. And the smartphone isn't all that happy about my current policy of keeping the GPS off unless I am actively using it. The camera in particular keeps whining about how it could tag photos with their locations if only I would turn the GPS on. However, I have grown used to this sort of thing, courtesy of my television constantly begging me to connect it to Internet. Besides, if my smartphone were sincerely concerned about tagging my photos with their locations, it could always make use of the good and sufficient location data provided by the cell towers that I happen to know that it is in intimate contact with!
GPS aside, I am reasonably happy with my smartphone's current battery lifetime. Nevertheless, long experience with other battery-powered devices leads me to believe that it will undergo the usual long slow decay over time. But right now, it is much better than I would have expected, and way better than any of my laptops.
Then again, I am not (yet) in the habit of running rcutorture on my smartphone...