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I applied 4.01 yesterday and am averaging two bars less than before. Of course, the underlying signal strength has changed and from analyses I've seen yesterday, I do appreciate the greater "truth in advertising" of the new display.
One related note; I had been experiencing some lagginess in iOS 4.0 on my 3GS, but 4.01 so far has been much smoother. I will need a few days to be sure, but it does seem as if applying the update has affected more than just the signal strength meter.
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