Sure. Prior to the wifi "freezing" on me, everything works just fine. I can surf the web on Safari, run Speedtest.net (getting about 13MB down), check email, etc...
I just did an "end-to-end" test and here's the exact behavior that I saw:
I connected the iphone to my Time Capsule wifi network at 17:16:34. This was noted in the Time Capsule log here:
Oct 27 17:16:34 Severity:5 Associated with station 60:c5:47:6a:1b:77
Oct 27 17:16:34 Severity:5 Installed unicast CCMP key for supplicant 60:c5:47:6a:1b:77
The first line shows my MAC address being accepted by the router. The second line shows the wifi security communication, authorizing my iphone on the network.
I was able to surf the web and use network/internet connections during this time. I also have installed the recently added Airport Utility app. During this time, my Airport Utility screen was showing a green dot for Internet and a green dot for my Time Capsule router.
At right around 17:36 (may have been exactly 20 minutes), i was on safari. At that time, i tried to load a page and the circle just started to spin without coming back. The wifi indicator was still showing full bars. There was no corresponding entry in my Time Capsule log showing any activity from my iphone at this time.
I then tried to pull up my Speedtest.net app. It never got past the "Looking for Locations" initial screen. When I pulled up my Airport Utility app, it had an orange dot for Internet. If you tap on Internet, it shows "Disconnected". My Time Capsule router still had a green dot next to it, but when i tapped on it, it didn't bring up any data on the router, implying it couldn't actually connect to it. This whole time, the Wifi indicator on the top still shows full bars. After a few minutes, my Safari browser finally came with an error saying "Cannot Open Page. Safari could not open the page because the server stopped responding."
Finally, I went into Settings->General->Wifi. It still showed my iphone connected to my wifi network. If i drill into the network connection, all of the DHCP items are filled in as expected. Next, I selected "Renew Lease" and went back one screen. At this point, I was no longer connected to wifi and it showed it was trying to reconnect to my wifi network, but the wheel just kept on spinning. What's strange is that while it never completed a connection to my network at this point, if you go back into the network details, the DHCP info had a new ip address assigned, 169.254.148.37. However, my internal network is on the standard 192.168 subnet. Not sure where this ip address is coming from, but like i said, it never actually completes the connection that it's attempting. At this point, i turned off wifi and turned it back on. After doing so, I'm back on my wifi network again.
One last thing to note is that when I clicked "Renew Lease" on my network connection, it was approximately 17:40 and then a few seconds later is when i turned wifi off and on. This is when the next entries for my iphone appear in my Time Capsule router log:
Oct 27 17:40:20 Severity:5 Disassociated with station 60:c5:47:6a:1b:77
Oct 27 17:40:20 Severity:5 Rotated CCMP group key.
Oct 27 17:40:23 Severity:5 Associated with station 60:c5:47:6a:1b:77
Oct 27 17:40:23 Severity:5 Installed unicast CCMP key for supplicant 60:c5:47:6a:1b:77
The first line shows my iphone finally dropping off the network (when i clicked "Renew Lease").
The second line is the router rotating it's security key because a member dropped off the network.
The third and fourth lines show my iphone coming back on to the network after i turned the wifi off and then back on.
That's all i got...