For a different perspective here are my findings.
I still have a few days with verizon contract but I received my N5 a few days ago. Since I haven't switched over yet, my N5 is not activated on a network. However, its rooted and I more or less mirrored it to my GN.
So for the last 4 days the N5 is:
-no cell network
-wifi on 24/7
-bt on 24/7
-google back up Disabled
-running nova launcher
-google now enabled
-live wallpaper in use
For the past 9 hours I haven't touched it. It was 100% charged last night when I unplugged and went to bed. Its now at 94% charged.
Using GSAM battery monitor. 30% of the battery use is reported from wifi. Interestingly 19% of battery use is from phone radio (seeking a network?).
Google play is near the top of the list of battery usage and has been every day. For the first few days it was way up on top with lots of wake locks. I use app ops to turn off location and wake. Play is no longer at the top but still demanding. After google play, the next set of apps that uses the most battery are the widgets and live wallpaper but not really significant though all of them added up does make a dent. One thing I realized from GSAM is that the widgets in my default launcher is also using up batteries so I went and removed those since I'm on nova most of the time.
Next I will restore tasker. I know that on the GN, tasker really eats up my battery. But the usefulness outweighs the battery drain. I'll do this on my N5 and see how it holds up.