I've had an issue with this quite severely, losing connection to 2.4GHz and 5GHz, so I had nothing to lose and tried a couple of tests on my MacBook Pro Late 2013.. Backed up to Time Machine and it seemed when you completely flash the system with a fresh new install, the Wi-Fi seems to work very well, but if you simply update from Mavericks or from 10.10 to 10.10.1 , it has an issue, I don't really understand this.. But its good information.
Personally, I'd recommend anyone who's having issues to create a fresh install and then download apps and data again - But only if it's easy enough to get your work back on there, if you depend on data saving to a Time Machine Back up then I'd not recommend it.
I'm quite happy to stay on this fresh install and put my apps back on.. but not everyone's like me. It's also worth tying anything like CCleaner just to remove any files that are unecesary, but be warned anything in downloads folder will also get delete so save it somewhere else. Hope this gave anyone a solution but this stuff did help me and I've got a healthier MacBook now.
I really wish apple would implement a Reset All Settings option on OS X, like they do on iOS. It would be cool as whenever I update my IPhone and IPad etc., I usually Reset the settings because it somehow sorts it out the lag and sluggishness, it means I'll have to reset iMessage and FaceTime and a couple more settings but its worth it in the long term.. Speed is always good and I wish Mac did that, or maybe there is a way but I can't find out.
Obviously I'm talking in general user terms, developers and others can do whatever they like LOL. I'm just here to give a bit of advice.