Most of the time when I recieve a call waiting & try to hold or cancel the original one; both calls are cancelled & also the network signal disappear & start again in a few seconds to search back for a network.
I called my mobile carrier (VODAFONE) & they said it is not from the network it is from the phone hardware & they asked me to do reset my phone & upgarde my software (although it was the latest) & I did everything & nothing changed.
So they replace my Iphone 4s & gave me a new one 4s (although the other was only 2 months old) and the same thing happened again!!!
iPhone 4S, iOS 5.1.1, Call Waiting