In my opengl based live wallpapers battery life is a significant issue.
Keep sensor use to a minimum, there is lots of different profiles, use the delay that you require.
To maximize battery in a LWP I usually force a frame delay of 5ms by default. This appears to be enough time to let the CPU relax between frames and keep the usage reasonably low. You can also manage the timeout based on the current FPS and pin it to a FPS profile. E.g. the device could render 60fps, but you are just rendering at 30fps and sleeping half the time.
For games you could do the same, just put a fps limit in your engine and don't let it go above that.
If you want to be hardcore, realize that OLED's used in many android devices use more power to display light colors as opposed to dark ones. On a LCD there is a equal backlight, but on OLED a black pixel is effectively off and not using power. So the darker your screen, the longer your battery life should last. Something to consider in certain situations if you want to be really hardcore on the battery side of things.
Don't use the GPS, don't use 3G, and if you do cache everything locally.