On battery, I have my monitor set at the third bar - fairly low - and the optical drive off. The monitor’s also set to shut off after 15 seconds of inactivity. With this setup, I typically get close to, but not quite, 5 hours.
The battery life leaves more to be desired, but relatively speaking, it’s one of the best out there. Until we get the power efficient OLED screens in laptops and more advanced battery technology, this is as good as it gets.