My wifi & BT is still working. I heated iphone on July 1st. I am not close enough to the design, nor, software, but it certainly appears to be a marginal manufacturing issue that is triggered by the firmware upgrade. It could be the PC mount, but, also could be the IC. During semiconductor manufacturing sometimes 'lots' ( manufacturing term for wafer batch) of the silicon can be processed close to the tolerances of the process. If there is a marginal silicon circuit the combination of issues would affect a % of the parts made. The firmware upgrade could have pushed this limit. It could also be a packaging issue related to what I stated above from which the heating could have corrected. If it is this kind of problem then finding root cause is not a trivial issue possibly involving the system designers, the software developers, the board assemblers, the IC designers & the packaging house the IC is in. This appears to be more complicated in that not all iPhone 4 or 4S's are affected.
This still doesn't fix the consumers dilemma as our phones seem to have been definitely affected by the upgrade.
I could be totally wrong, heating the phone has risks of damaging the display & anyone trying this should be prepared to accept a result where the phone could be worse off. In my case I had decided that I was going to have to get another phone & had nothing to lose. So far so good.