I'm reporting back on the signal loss issue after upgrading my iPhone 4 (AT&T) to iOS5. Two days after the upgrade my phone got in a signal search loop where it would have a signal, hold it for 30 seconds, drop the signal and enter searching mode, show no signal, and then show a connected signal and start the loop over. This issue made the phone unusable and reduced battery capacity to only a few hours.
To resolve the problem, I did a restore on the device. This immediately made the problem go away. I'm happy to report that now it's been 3 days since I performed the restore and everything is still working fine. If you are experiencing a similar problem, I suggest you do a restore on your device and report back to the forum whether or not is cleared up your issues.