Well, after exactly one month from getting my original iPhone 4S and after long hours and hours of waiting in Claro Guatemala, my service provider and the only way to get a replacement, I've got my new iPhone 4S last friday. I have been using it since then and so far it works flawlessly. This time I wanted to be sure it won't fail after a few calls so I took my time and I even upgraded it to IOS 5.0.1 while I was in the store. I restored my backup (for some reason it doesn't work from iCloud) but I was ready and I had my laptop with iTunes and a local backup.
Something interesting I noticed while upgrading was that if I upgrade via Wi-Fi, it takes only a few seconds to upgrade and load the new operating system and everything seems to work but when I plugged the phone to iTunes it still detected an upgrade and downloaded the full image from Apple (something over 800 Mb) and installed it.
I upgraded since the backup I had was taken using 5.0.1.
Everything ran smoothly and I was just waiting for any problem to appear so I could ask for a different terminal and I was decided to do so even if it took me hours until I had the "right" phone. Fortunately, everything worked perfectly and even after restoring my backup I had no issues with my calls. I tried calling 20 different numbers, some of them were not even in my address book and none of them presented any issues at all.
It is my 3rd. day with my new phone and I am still a happy camper :-) Hopefully everything will stay the same.
Like many of you stated before, this problem is a combination of both hardware defects and software but I am afraid although a software upgrade might help, if you don't get a replacement you might find yourself facing the same exact issue after another IOS upgrade and without any warranty. So, for example 5.1 might solve the problem for some, not for others and 5.x might do it well for others but screw the patch for the first ones, so probably the only way to make sure you won't be facing that problem is by getting a new phone that works well with 5.0.1 otherwise I wouldn't bet on that.
My final advice, get a replacement if you are facing this problem because that would be the only way to make sure you will not have it again in the future and if possible, test everything on site before accepting your new phone. If it is preloaded with 5.0, do the same and upgrade it to 5.0.1 on site and test it just to double check and make sure.
Good luck.