I saw it on v3 as well, wiping data/cache did not help, nor going to 3.5 either. I will try the kernel change, that sounds promising.
Yes I'm running pe3.5. Had the same issue on 3. Switched over from Sapphire, did not have the problem there, or any other ROMs I've used.
Not blaming PE, I imagine this an issue that I've somehow caused.
I can confirm that my battery performance dropped severely after updating to PEv3 & hasnt improved on 3.5. Using the default kernel that installs w/the ROM. Will try changing kernels. Any suggestions?
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Battery calibration done right! - http://www.droidforums.net/forum/droid-hacks/149317-tut-wipe-right-battery-stats-tut.html