It's in standby when the phone isnt awake. I was using the phone for the first 5 hours as i was downloading apps, configuring launcher pro and tasker, playing some games ect, wifi, bluetooth. this is why the battery dropped from 100% to roughly 64% in those 5 hours so ignore that. the other ten hours no, i didnt use the phone that much, again thats evident in the graph. during this period the phone dropped from ~64% to 46%. 18% in 10 hours including the occasional usage (the dips in batter life which coincide with the phone waking up).
18% in 10 hours with light usage is perfectly acceptable to me. Theoretically, i'd get 50 hours out of the phone with this usage on a full charge. That to me seems very good considering it's only the standby usage that the majority of people seem to have a problem with. This is no better for me than it was on 2.3.3, by the way.