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Location, location, location! #1
iOS 5 has some hidden tweaks too (hidden because you have to scroll to the bottom of the Locations Services screen and click on System Services to find them).
You can keep Location Based iAds and Setting Time Zone off permanently (your time is set by the local carrier automatically anyway).
Another revamped feature in iOS 5 is notifications. The new Notification Center in iOS 5 gives you a greater overview of what’s happening, but that comes at the cost of greater battery consumption.
Settings > Notifications
My advice here is two-fold. First, disable notification for any apps that you don’t care about by clicking on the individual apps and switching off Notification Center.