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The ESP8266 is quickly becoming a very popular chip, I am sure this is mostly due to the dirt cheap price point. If you are adding this to a battery operated application you might want to drop the power consumption as low as possible. There are many things that can be done to do this, removing the indication LED is the first obvious step. Jagenberg.info has done some work in this area and has achieved some great results. 78 micro Amps is what can be expected with a flash of new firmware and a small hardware hack.
“manually soldering a single wire of a stranded cable between the reset pin of the module and the XPD_DCDC (8) pin of the MCU, I also removed the red power LED by simply prying it off with a tiny screw driver. With these two modifications, the module is able to make use of the deep-sleep mode and successfully resets and restarts after waking.”