Users are reporting that the update is “nothing short of amazing”, claiming that battery life seems to last much longer than before. One user reported that before the update, he would notice his battery life drop by 10-15% every hour, and when you do the math, that will definitely not last you the entire day.
Now thanks to the update (despite it being in beta), that user is reporting that battery life now drops about 4-5% every hour, allowing him to use his device for an entire day. Another user has also reported that they only need to charge their iPhones every other day.
Naturally battery life varies from user to user, and is also heavily dependent on their usage, but the good news is that so far the reports on the beta update have been largely positive. iPhone users can look forward to iOS 5.0.1 to solve some of their battery woes.