Okay I'm still confused to why power management stopped working but I might have figured it out from playing with it all morning. After the update, I noticed that current draw increased tremendously when the wifi was on but idle. Power management is supposed to turn most of the wifi off at this point which is why current used to be around ~100mA. So I thought the only reason current shot up to ~300mA after the update must be because the power management system somehow ceased functioning. It didn't matter whether oddysey was on or off. However, I reverted back to the old ROM using the SD card trick and found that the problem still persisted...
I tried re-enabling power management on and off with no luck. I tried re-enabling wifi and bluetooth inbetween soft resets with no luck. I knew that the new ROM updated some wireless programs like oddysey so I disabled oddysey and connected the normal way and noticed that the current draw dropped down to normal levels! I can't explain why this is because earlier it didn't matter whether oddysey was on or off. So what I'm thinking is that maybe the ROM update had some kind of interaction with the old oddysey or the full backup I performed which changed something in oddysey that made it perform strangely. Instead of conencting to <any> i set it connect to my specfic network and I think the current dropped down even more, but it could just be me. Perhaps odyssey pings the network or searches for others while wifi is supposed to be idle, thereby not letting power management kick in.
I don't know, but if anyone else is having this problem, try some of the stuff I did and see if it works for you.