Why does the Model S even have a 12v battery at all? I'm guessing some sort of regulatory requirement?
They actually did a nice design for normal safety and safety for first responders. There is a high current contactor for the high voltage, DC connection out of the main battery. That contactor has a 12 Volt coil that closes the contacts when 12 Volts is applied. Without any 12 Volts, no high voltage, high current connection is ever made from the battery to the outside world.
The car bootstraps itself from the 12 Volt battery, getting various controllers up to speed. When everything looks normal and safe, the controllers energize the 12 Volts to that battery contactor and the car now has power from the main battery. There is a DC to DC converter from the high voltage to the 12 Volt system that will run everything and recharge the 12 Volt battery.
BTW, that is really more like 14 Volts.
For the emergency first responders, if they disconnect the 12 Volt battery, the battery contactor opens and all the high Voltage issues go away. There is even a place in the Frunk just for them to cut the 12 Volt cable for this purpose.
When the car goes to sleep (a few different depths of sleep, wakeup time and Vampire Energy usage), it uses 12 Volt power and leaves the main battery disconnected. As the State of Charge (SOC) of the 12 Volt battery goes too low, the controller closes the contactor in the main battery and recharges the 12 Volt battery using the DC-DC converter.
The Vampire draw is related to the early death of 12 Volt batteries in the MS. Even deep cycle lead acid batteries have a finite number of charge-discharge cycles before they loose capacity and die. Because the controllers in the MS draw so much power, they cycle the 12 Volt battery a lot, and it just suffers. Hopefully in a future version, Tesla will redesign the controllers needed to keep the MS in a peaceful, healthy sleep to use a lot more power, but for the MS's coming off the line now, they literally suck power. BTW, leaving the HV and DC-DC on would save the life of the battery, but would make the Vampire even thirstier!
An an example of efficient energy usage, the MacBook Air that I am typing on now is using about 10 Watts (7.98V x 1.26A) to keep the screen bright enough for me to easily see it on an outside porch, keep the internet connection happy with WiFi, run a few other applications in the background, etc. That's 10 Watts and it's wide awake with screen on! See below for a power snapshot that I just took.
To sum up my rambling, Tesla did a good job partitioning the 12 Volt and high Voltage systems, but the current MS sleep controller sucks in terms of power efficiency.
PS: A video for first responders from Tesla:
PPS: Wouldn't it be nice if Tesla gave us detailed info on battery state like Apple does?