A few weeks ago I upgraded my DROID X to a DROID RAZR. Within a couple days it was clear that the battery life in the RAZR was going to be a huge problem. Even with Smart Actions and then using some very aggerssive settings with Juice Defender (highly recommended app!!), by 4 PM the RAZR would be down to 30 percent power after only a few phone calls, collecting emails, and light web browsing. I travel a lot, so recharging during the day is not a viable option for me - I really need a phone that can hold up under moderate usage for 16 hours. That's not the RAZR.
So I broke down and paid the restocking fee to return the RAZR and spent the extra $100 on the RAZR MAXX. Great decision! Using Juice Defender with what I would consider to be "moderate battery preserving measures" the MAXX, with moderate usage is running almost three full days before it gets down to 30 percent power. This means I could travel across country, use the phone heavily all day, listen to music, read a kindle book, and still have remaining power when I get to my destination. With a nightly recharge, I would never have to worrry about running out of juice during the day.
So for whatever it is worth, here's my experience and opinion. If you don't travel, use your phone lightly, and don't mind plugging in mid-day, the regular RAZR will probably work well for you. If you travel, it you are a heavy talker or browser user, the RAZR MAXX is the only way to go and well worth the extra money. The MAXX is only ever-so-slightly heavier and only 2 mm thicker. If you were debating which phone to go with, I hope my experiences are helpful to you.