If you disregard the wifi/3G circuitry (ie have them off) then it would stand to reason that full-screen refreshes would drain the battery more than just localized changes like the highlight feature you mentioned.
Still from what I understand of it the e-ink screen even with full page refreshes draws very little power so the difference is probably negligible. It does make me wonder though if you took two people, one who reads very fast and one who reads quite slow, I'd imagine the fast reader would drain the battery noticeably faster.
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