I've never found they affect my battery life noticeably but I don't spend much time staring at my home screen[1]. Maybe some people do but my home screen is for quick access to information and launching off point for other apps so it doesn't get all that much screen time (and the live wallpaper isn't just running in the background).
1. Ok, that's a lie. When that live wallpaper that has an AI Super Mario that plays never ending levels came out I spent a lot of time looking at it and showing it to people. My Motorola Droid's battery didn't stand a chance.
1. Ok, that's a lie. When that live wallpaper that has an AI Super Mario that plays never ending levels came out I spent a lot of time looking at it and showing it to people. My Motorola Droid's battery didn't stand a chance.