I called Apple today about this issue and was told officially there as no known problem with the Bluetooth on iOS4/iPhone4 however unofficially they are starting to get calls about it.
The lady I spoke with said if I knew other people having this issue to call in and report it. She also said that many people dont know they have this issue because they are hearing the caller on the other end fine... however they have no idea that they are sending out garbled sound.
I believe this is a problem for almost everyone who has an io4 device and uses Bluetooth, but most people do not know they have a problem.
If you have this problem PLEASE call in and report it. Also report the issue to your favorite tech blog. I wrote about it myself in my on blog today at
http://www.scottg.me/2010/07/apple-has-another-problem/ If we can get the press into picking up on this issue (which I believe is a SAFETY ISSUE) then Apple will get this issue the attention it needs.
Again PLEASE call if you are having this issue.