Exactly the same problem here.
Before updating, Wifi worked flawlessly; at times even better than my macbook's.
After the updating, my iPhone does not discover my networks anymore. I have made it recognize my home network, however, by getting closer to the router. But since distance has never been a problem, it definitely shouldn't be now.
Also: when it finally HAS recognized the network and I get back to my desk, it gives me full signal strength, yet looses the signal after sleep and doesn't manage to find it again unless I get closer to the router.
Considering that the advantage of wireless is not only to not have wires, but also to be able to move around freely, this bug really kills Wifi.
It is definitely impairing me in my use, since 3G is not available in this region and I do not have unlimited rates.
I'm guessing that the problem, in this case, is that the signal strength that is needed to connect to a network is much greater than it used to be; and I am seriously hoping that it is, in fact, a bug and will be fixed soon. It is getting me rather annoyed..