It's still very low even given the battery size. The updated Nokia 3310 has a traditional display with a 1200 mAh battery and is rated for a standby battery life of 31 days.
At 950 mAh that would be just over 24 days. I would expect an improvement in battery life with E-ink.
I'm curious why you take the battery life claim about the Light Phone at face value. My assumption is that most every company tests in optimal conditions that users won't achieve in real life, so I think it's generally fair enough to compare between two manufacturer claims given that we don't have side-by-side comparisons yet.