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12 hours is normal for the v1 iLiads. The v2 iLiads are supposed to get closer to 15 hours (maybe that's what you saw when you thought '15 days'?). They say that it'll take a couple charge/drain cycles before you start to get the full potential from the battery though.
Regarding power usage, you're right in that the screen itself does not draw any power to maintain an image once it has been displayed. However, the CPU in the device is running all the time and will draw power even when it is showing a single screen. They did some work recently to throttle back the CPU some inbetween screen refreshes to help extend battery life, but it does not go into a suspend mode or anything like that. It's closer to a PC in how it behaves than something like a PDA.
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