Exactly the same problem - iPhone 3GS 16G, updated it on Wednesday and has rebooted at varying times during calls. Went straight to the Apple store to be told to try a restore. There was a carrier update when I connected to iTunes about an hour ago, so I wondered if that would make a difference. I'm with O2.
Did some test calls to my dad, it was good fun trying to pad out a conversation knowing that we were both waiting for the phone to cut out!!
First reboot was after 7mins, then at 18mins 31 sec.
After this reboot I decided to make sure that the only app that was running was the phone app. Strangely, when the phone reboots itself, it doesn't close the apps that are multitasking, so when the phone has restarted they are still there.
I closed them all down and managed a 20min phone call with my dad, then he had to go out so we hung up.
After reading this forum I'm reluctant to restore my phone as it seems a lot of effort for no reward whatsoever!
Not impressed, Apple were my technology fave until this! Its worse than Microsoft's blue screen of death!
Sort it please Apple!