3 hours after I unplugged it, my iPhone is down to 67% battery life. Does that seem like high power drain to anyone else?

If you are using the 3G intensively then it does make sense. 5 hours of use on 3G (internet intensive apps) will drain the battery a lot. Any games that use the phone's hardware intensively will do the same.

Try to use internet intensive apps over wi-fi whenever possible to increase battery life.

Sounds like your phone will not hold a charge, may need a new phone or a new charger.