I'm facing the similar problem as you guys may have. I bought a white iPhone 4, 16G for my girlfriend last Sunday. It is an unlocked version, commonly sold in Hong Kong. I initially didn't pay much attention to the software version of 4.3.3 untill now. I mean, I was considering the drop in signal might be caused by the faulty hardware. In my case (I'm currently using the normal network service and it isn't a 3G sim), I get "Searching...", "No service" and drop in signal frequently if the iphone is in 2G network, which is 3G switched-off and celluar data on. Once it becomes "No service", I won't be able to get back any signal unless I re-power it (and by turning on and off "Flight mode" just won't work). Well, if I switch 3G on (although it is not a 3G network sim card), I do also get the drop in signal, and occasional "No service", however, the good thing by switching 3G on is that once the signal drops to nil, it re-gains back fairly quickly and it will also work by switching on and off the "Flight mode".
I'm also anxious about this issue, which literally gives me unpleasant experience. Do any one know this issue has been reported to APPLE yet?