I have been using it for one week now (today is one week anniversary for VZW Nexus!). I am sure it drains the battery but IMO very little. I do not think it has much affect at all.

I have gmail notification set to slow, text set to medium, missed call set to very slow, fully charged to on.

 

I think it all ends up with how you have it configured. For my settings I have the general notification method/frequency set at "Cycle - Slow" for both the Battery and Charging options. For individual notifications I have the majority of them configured to run for only 10 mins and have the flash rate at medium. For Missed Call, Voicemail and SMS I have also set up repeating sound and vibrate alerts lasting 10 minutes in addition to the LED flash. For all other notifications they are LED flash only.

 

Set to cycle fast, the last battery reading I did I was at 28hrs. I see no issues using it.

Whoops I voted wrong... Take that 1 vote for the last option off

 

Do I have the high Android OS & Awake Time issue? Yes. Do I have Lightflow installed and running? Yes.

Correlation sure, causation perhaps not. Seemingly something I installed, setup, or changed on Sunday night is what lead to this. Before then I was fine. Maybe it's Lightflow. Maybe it's Beautiful Widgets. Maybe it's something else.

When I'm on break over the holidays with nothing better to do I should do a methodical study and see if any app in particular has a significant effect.

 

I uninstalled light flow yesterday and so far my Android OS keep awake times are halved.

 

Have only been letting this run for a few hours but I BELIEVE I've had a significant reduction of keep awake time turning lightflow off.

Really requires more methodical testing though.