I'm having the same issue. Signal goes to "_ _ _ _ AT&T 3G" resulting in no voice, voicemail, or SMS/MMS. It is happening on my iPhone4 and my wifes. It started happening about 3-4 days after upgrading to 4.0.1. Now running 4.0.2 and same issue. It locks on no bars 2-5 times/day. Must power off and back on to recover. Airplane mode toggle doesn't recover.
Sounds like the issue others are having here.
I also have a MicroCell in my home. I was wondering if that was the cause, but it happens in the middle of the day when we are not near it. Looking at the posts here, it seems unrelated.
Also spoke with tech support and got all of the reset and restore options mentioned by others, even the if all else fails need to replace the phone. Looking at the posts it seems the only thing replacing the phone will do is get more attention on the problem that is costing Apple money.
It seems like the signal tower theories have the most plausibility. I'll be watching the posts. But, wanted to chime in that this is not an isolated issue.