Similar problem here... old BT headset was working fine (with 2G phone). As soon as I activate the new iPhone4, the BT headset is squirrly (it was one of the Apple-made BT headsets): occasional static; occasional TERRIBLE warbling; dropped calls.
So, I go and buy a new Aliph Jawbone Icon headset (at the Apple store); while it sounds OK from my end, nearly a dozen of my callers have complained that: (a) I sound like I'm at the bottom of a well; (b) I sound muffled; or (c) they can't understand me.
Call clarity withOUT the BT headset (either of them) is fine; call clarity with a cable-connected headset also is fine.
So, seems to me that it's a problem with the iPhone4 (and/or with iOS4).
I'm going to return the Jawbone headset, and wait for Apple to fix things (software I hope; increasing discussion online today about possible phone recall). Then, maybe I'll buy one.