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This actually depends more on the signal strength in your area. If you have EVDO enabled and are in an area with questionable EVDO signal, continual attempts to connect to the low signal strength network will quickly drain your battery. If you are in an area with constant good EVDO signal then the setting will likely have little effect.
Since I'm often in low signal areas, I find keeping the phone in 1x mode greatly saves on battery.
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