Actually, the battery life is just fine for me. I agree, pure CM 7.2.0 drains the battery like there's no tomorrow, but Rage kernel alleviates that by a lot.
The reason I don't use official rom mods is that I like CM a lot, and while battery life could get some more love from the devs it's certainly not that bad, especially with Rage kernel. 30h+ with normal usage, internet, browsing, youtube etc. isn't that bad.
My problem is not that the battery is drained fast, but that the percentage display goes down unevenly regardless of usage. Let's say we compare idle to idle, no airplane mode, no background apps. When the percentage is at 99% it goes down about 5% in an hour (I didn't measure it with a timer, but it's a good estimate), while when the percentage is at 20% it goes down about 1-2% in an hour.