Update #5
I guess it was too good to be true 😟 Now 6 days since I got my replacement iPhone 5, I'm still having the same issues. I'm losing service 2-3 times per day. I've been paying more attention to when it happens, and it will occur when there is a switch from 3G to LTE. Clearly this phone has problems switching between the two. After I lose service the only way to get it back is to reboot the phone. Short term solution is to disable LTE, which will eliminate the problem. Of course, the iPhone 5 shouldnt' be advertised as an LTE phone if it doesn't work properly! This is the first time I'm very unhappy with an Apple product. I know people will say this is a network issue, and I agree that LTE coverage is spotty. But the phone should still be able to manage switching between 3G and LTE much better. Should've just stuck with my reliable iPhone 4.
Apparently many are having these same issues:
http://www.iphoneincanada.ca/iphone-5-2/iphone-5-users-dealing-with-3glte-switch ing-issues-and-dropouts/