I am pretty sure this is software related. Why? Because I noticed last night that while I couldn't get any apps to connect to the internet, iMessage still worked! I could send/receive pictures and communicate over iMessage just fine. I made sure it was using WiFi by taking a 30+ second video and watching it being sent instantly (I have FIOS). All the while, any app, including Safari, had the spinning wheel of death. I could even check email now and then but eventually that locked up too, but iMessage always worked.
This tells me it has to be software related. And, I'm at work right now and I have 0 WiFi problems. Only at home on my Verizon Fios router does my iPhone seem to not be able to keep internet active. Which makes me wonder if it's the router's problem (as my PC is wired, not wireless).
Anyway, I know my first Motorola Droid couldn't connect to ANY wireless for more than a few seconds before dropping internet and sitting there doing nothing. I've had much worse than this and I'd never go back to Android after this.
@ mritacca - I've seen #3 several times. I live within 400 ft of a Verizon Wireless tower. But I've seen reception go from max to 1 bar now and then. My HTC Thunderbolt did this all the time and it affected my connection (driving me nuts to the point I where I got my first iPhone 2 weeks ago), but on the iPhone, even when the bars are taking a dive to 1, internet still seems to work just fine on 3G. Strange.