Just thought I'd add my name to the list of people having problems with this (not that it will do much good!)
My story:
I was running the iPhone 3.0 beta (from the official source, not a hack or dodgy download!) and I was fine through beta releases 1-5. I then got the final stable release about 2 weeks before the official release (day of the WWDC keynote) and it was fine at first, then it started to lose my wifi network (Apple Airport Extreme). Then a couple of days later, wifi was greyed out, just like some other posters have mentioned.
I took it in to my local genius bar, and the genius couldn't explain it - the software diagnostic didn't show anything up so he replaced the handset.
Took it home, 2.2.1 picked up my network fine, so I then grabbed the 3.0 release through iTunes and did a complete restore.
Wifi was working perfectly for about a week, but this last week, I noticed it was dropping the network and I would have to go in to the wifi settings and re-select the network, then two days ago it wasn't picking it up at all. Decided to sort it once and for all this morning, another full restore, reset network settings, but still it can't even see the Airport, when I select WiFi networks, it simply isn't listed, and I am sitting right next to it.
My iMac can see that network, plus another 5 networks from my neighbours, as can my Macbook Pro. My wife's Windows Vista machine can also see the same networks. The iPhone does not see any of the networks, when it used to.
I'm by no means an expert in the iPhone software/hardware, but it occurs to me that 3.0 might actually be doing something with the wifi card that is causing it to break - possibly overheating it? I don't know...
I am somewhat relieved to read that I am not alone in this problem, and it appears to be affecting the 3Gs too from what I've been reading.
Sorry I don't have any answers to help anyone, but it looks like another trip to the genius bar for me 😟