I've never had the spare money to buy a smartphone, but isn't that /ludicrously/ low? My cheap little nokia brick lasts (under normal usage) for a bit less than a week. Admittedly, the power drawn is not comparable, but I'd still think the manufacturers would try to give the users a somewhat longer battery life.
These things are full-on computers, in your pocket. Woot!
I stream Pandora/Rhapsody at the gym in the morning, watch tv shows movies (transcoded for android), read email, rss, run python scripts at night to copy off my pictures, run locale to automatically adjust my ringer volume for work, etc, etc, etc.
A cell phone is not even close to a the computer that is the android phone.
A better comparison is a laptop.
And like a laptop, a lot of power is going to the fancy screen.
However, I get a couple of days out of mine with cyanogen + extended battery.