First of all, what wireless card do you have? If you don't have the Intel Pro wireless card, you aren't going to get quite the advertised battery life. The Intel card has five different automatic power states, whereas the IBM a/b/g cards have three manual power states. Also, what size battery do you have & how many "watt hours" is it currently rated for according to IBM's software?
For instance, I have a T42 Dothan with a 6-cell battery. Out of the box, it is rated at ~48 WHrs and at that capacity I would get about 3 hours of use with full brightness, wifi, and adaptive CPU. Since I got the battery in October, the capacity has decreased to 42WHrs :| But with full brightness, wifi, & adaptive CPU I get about 2.5 hours. With low brightness & wifi, I get around 3-3.5 hours. With no wifi I can push it to 4 hours (I think). You really need the 9-cell battery for 5+ hours. And the Intel card helps a good bit too
IIRC, High System Performance leaves the CPU on maximum speed. On battery, it varies between like 1.2GHz-Max on my Dothan.