OK. I did a back up and factory reset and the watch batter performed perfectly last night. Did a sleep tracking for 8 hours on a 100% battery charge and it used only 10%. Hope this is a permanent solution.
So how in the world do we get some attention from Samsung on this problem. It seems to be rather widely experienced. I am not getting any answers. Since resetting it does not seem to work, WHAT DOES WORK???? WAKE UP, SAMSUNG!!!
Check the Watch setting under Connection --> Wi-Fi setting. Mine was set to Always On sometime in July, and the battery was draining within a day, not sure how the setting changed from my preference of Auto. When I changed it back to Auto, my battery lasts for 2 to 3 days.