Here's what I've found after running the latest update and removing wake lock. I still get random reboots while asleep, but I have not had any boot loops or frozen boots that completely drain the battery. Were in not for checking the system uptime status, I wouldn't have even realized that it was rebooting at all, but it seems that 30 hours is pretty much maximum for me.
Still, the battery life is much more in line with Honeycomb and the random locks and bootloops are gone, so it is definitely a step in the right direction. I can live with this, but I hope Asus is still working on the fix for the reboots.