After driving myself crazy for a few days trying to figure out why the new watchOS 3 was killing the battery on my Apple Watch, I ran across several articles that offered some great tips that seemed to have worked:

Trimming The Dock: Don't go crazy and add 25 apps to your dock. These apps are constantly refreshed in the background. Narrow it down to the top 4 or 5 apps you want instant access to. Which leads me to the next tip...
Background App Refresh: Unlike the previous versions of watchOS where apps were suspended until opened, the newest version of the OS allows for apps to refreshed automatically in the background so there's no delay when opening the app. As stated above everything in the dock is refreshed automatically, but you can set it to have as many or as few apps refreshed as you want. In my case somehow every single app I had installed was set to update in the background. Turning that off (iOS Watch app>General>Background App Refresh) singlehandedly saved my sanity and battery.
Turn Off Mail Fetching: Pretty self explanatory. Mail accounts that aren't push need to be set to check for mail at longer intervals.

Hopefully these will help anyone else having the same issues I had.