I think I read somewhere that if you boot into recovery mode -> wipe -> wipe battery usage statistics or something to that effect that it can significantly improve your battery life... any truth to that?
To first order, it does
nothing to improve battery life. All it can do is improve how well the phone
predicts how much charge remains on the battery.
If you invoke 2nd-order considerations, such as, "well, I step down my setCPU profiles as the battery reserve drops, so if the battery reserve is predicted correctly, rather than over-optimistically, I will extend the battery life a little" - then, yes, there are some 2nd-order benefits of doing a calibration procedure.
Also, what does wiping the Dalvik cache do? Its something I've done before wiping the phone's internal memory prior to flashing a ROM, but is it something that can be done as part of regular memory maintenance rather than clearing individual apps cache? Again, any help will be much appreciated.
If you are doing a "Wipe data/factory reset", then (also) performing a Dalvik cache wipe is completely superfluous, as the Dalvik cache is just a folder inside the /data partition. If you nuke /data, you also nuke the Dalvik cache.
The primary motivation for wiping the Dalvik cache is a pretty limited scenario: generally only when you want to do an overlay flash of a new ROM. In this case the /data partition is not wiped because you want to preserve application settings and data on the phone, but want to be absolutely sure that the "dex"'ed code in the Dalvik cache actually matches (potentially updated) code in apps (.apk files) stored in the new ROM's /system partition.
Doing a Dalvik cache wipe as part of a regular maintenance procedure on an unchanged ROM has very little value, unless you have some reason to enjoy slow booting - or perhaps if your phone experienced a crash or some other strange malfunction during booting and startup, and you have reason to believe that an app's corresponding "dex" in the Dalvik cache has been corrupted.
eu1