Battery and Battery Indicators are two different things.
The battery is a hardware while the battery indicator is a software. The battery indicator can only provide an estimate of the current battery level. Calibration does not extend your battery life, what it does is to correctly let the operating system (iPhone) more correctly show you how much battery life you have remaining.
The iPhone and in fact a vast majority of other rechargeable battery operated products like Android mobile phones or even laptops runs on lithium-based technology batteries. They do not have the memory effect that is observed in the older generation of nickel cadmium and nickel–metal hydride batteries.
Users should not constantly deplete their lithium based batteries before charging them because this would shorten the lifespan of the batteries. The number 1 cause of shorten battery life in lithium based batteries isn't usage but heat and heat is produced when you charge or use your device. Hence you should charge as often as and when possible to reduce the charging times.
Of course these are only a few factors to list...