3G/4G Data has nothing to do with Text Messages or Making Phone Calls, those work off a different system then the data... Data would only be (internet, streaming data [music,video etc..])...
Now i live in a 3G service area between Knoxville and Nashville and i didn't loose 3G yesterday but i had to reboot 8 times the day before. It seems to happen alot after i use my bluetooth or swtich from WIFI or even pull out of the car dock. I am glad this post came out cause i was about to throw my Bionic at the head of a Verizon Manager and tell them to shove it and get me a Nexus. But Now i know the others are having same issues (maybe not as bad according to the post that each manufacturer handles authenticating differently).
I will tell ya this i was in Nashville over the weekend and i had 4G service and i never lost it once even though i lost 3G constantly during the day that same day. I do believe they have made the 4G service alot better but not fixing the 3G as this update was supposed to do.
I also was on the 5.7.893 leak and could not get the OTA to update on my phone. So off i went to verizon and they couldn't get it either so they gave me a new Bionic which i had the next morning. Just make sure you use dhackers releaseroot/forever root and get your phone back to stock before you take it into them. The funny thing was is that i was looking at the person's razr while i was there and they had rooted their work phone already and had XDA/Rootzwiki apps on their phone...