I'm having the SAME problem. It happened after I put a new incase phone cover on my 4S (which I bought from the Apple Store today)... I tried to make 3 calls, they could hear me-but I didn't even hear a ring tone. My neighbour had the same problem with her 4S and took it to the Genius Bar and they told her that it was a problem with the iPhone thinking it had head phones in.
I took the case off, took the sim out and replaced it again then cleared all active apps and did a hard reset, but it didnt change, so I tried putting the apple headphones/mic in and the phone worked, and when I unplugged it the problem seemed resolved. When I re-snapped the case back on, the problem re-emerged again! I was able to clear it by re-inserting the headphones and making a call before removing them again to remind the phone that it didn't have them in... All is fine-but this bug clearly needs addressing!
If my neighbour had not told me about her experience I would have been very confused and concerned... Our nearest Genius bar is also about 40 miles away, so not exactly 'handy'