Ok, here's my 2¢.
I have found the same issue (people not being able to hear me talk or me sounding like I'm very very far away) with the Voyager Pro and Voyager Pro HD. I have found that it comes and goes. Sometimes resetting iverything works, sometimes it doesn't.
One thing that I don't see mentioned anywhere is the fact that, in my experience, the headset works fine with the Voice Memos recording feature, even when it's not working with phone calls. To me, that seems to point to an issue that is specific to phone calls over a Bluetooth headset, rather than just a problem with the Bluetooth in general.
I've tried multiple other headsets with my iPhone 4 (iOS 5.1 and 5.1.1) and not experienced the same issue. I have had no problems with any other headset. It seems like the problem must be with the firmware on the Plantronics headsets as far as the sound issue goes.
The connection problems, though, seem to be more universal to various brands of headsets. As it comes and goes, and is 4/4S specific, it almost certainly must be related to the antenna on the phone, therefore more difficult to fix. I'm guessing that Apple has found that to be the case, which is why they've been silent on the issue.
I'm hoping that the iPhone 5 finds a solution to this mess, and I'm hoping that it comes out soon! I have the summer off from work, but don't really want to go back to work in the fall without the benefit of the fantastic sound quality of the Voyager Pro HD!