You're right, it's an iOS 8 bug with certain iPhone models, but not with others. - But I can tell you, the hardware is not affected.
After noticing that my Wi-Fi could no longer pick up any signal, I downgraded my iPhone 5s (iPhone6,2 model, mid-2014) back to 7.1.2 where the Wi-Fi works as well as it always has.
I also upgraded an iPhone 4s to iOS 8 and the Wi-Fi worked fine!
I have done the upgrade+downgrade about 5 times, now, using different upgrade methods (over-the-air, automatic through itunes, manual restore with different IPSWs (including pre-release iOS Gold Master)).
In other words, (1) I am certain this is a software bug, (2) I'm going to stick to 7.1.2 on iPhone 5s for the time being.
If you're considering downgrading, now: It's easy to do, but it only makes sense if you have a backup of your phone (on computer or iCloud) from before the upgrade, as backups made running iOS 8 won't work on 7.1.2. Furthermore, if you have such a backup from, say, two days ago, your phone "won't remember" anything from these last two days; you'll effectively travel back in time.
So, either you stick with iOS 8 but without Wi-Fi until a fix is released or you downgrade and lose two days of memory.
PS: if you tag this reply as having "solved" your problem, maybe it will be seen by more people and hopefully this will get more traction. Frankly, I am surprised this hasn't caused an uproar. I'm wondering if all those affected have noticed that their Wi-Fi is MIA.