I was brave and updated right away last Friday, as soon as the update appeared, both the iTunes and the iPhone firmware. And so far, so good. Initial observations are quite positive - at least so far, from using it during last few days.
I never had any issues with the dropped calls, so I cannot report any improvement. What seems to work better is browsing: I get much less (if any) connection errors. It is hard to say whether it was the firmware, or Rogers fixed something - or the fixed firmware causes less issues to network - it looks like improvement.
What is definitely a huge improvement is sync time. Backup now does not take 5 minutes+, it is down (after initial one) to less than minute and whole sync with transfering new podcasts and application updates is done in 2-3 minutes max. The application update still takes about same amount time - at least it feels like it.
Overall, there are few nice little improvements, like this one in list of podcasts:
Note the detail info that indicates half-finished podcasts and shows how much of the audio is left:
Nice touch (pun intended) ;-)