This is another new phone which impressed me surprisingly. I don't have an I-pad or i-phone. But I heard from friends who has either an i-pad or i-phone who don't seemed all that amazed like I was! So I am presuming the superseded i-phone ain't that bad for them to upgrade urgently.

I found it incredibly solid and superbly made with practical features, one could ever need on the move.

Updating ios 5.0.1 has brought no changes in battery drainage, may be slight but not something that would really mean a lot after facing battery drainage issues.
But again ios 5.0.1 has brought some strange bugs that are weakening the network.
I am 3g subscriber but my phone does not let me get the speed, my calls get automatically disconnected during conversations. The network signal shows a weak status and it continuously comes in and breaks.
In the mean time, I have removed the ios 5.0.1 and now am feeling relieved.
I would also recommend all other to do the same.
Recently I also read a news article where apple has claimed to know about this bug and also mention two weeks of time for removing this.