Everyone's experience will be different - I think the people who are experiencing reception issues (myself included) are in an area where reception is weak, at best.
For me personally, there is definitely a significant difference between the Motorola radios and the one in this phone.
I came from a Droid X. Never had reception/call/data issues. Sitting exactly where I am sitting now, my signal strength with the X averaged between -90dBm and -80dBM.
My S3, right now, is -120dBm (searching for signal). If I put it near a window or door, I sometimes get as good as -90dBm.
My son had a Droid Incredible. Signal strength was the same as the X. He currently has a Droid 4. We can sit side by side and my S3 will be around -120 dBm to -100dBm, and his phone will be -90dBm to -85dBm.
I called Verizon. They told me that they were "aware of" reception issues with the phone, but were not sure when an OTA might be released. They offered to replace the phone, and sent me an new one overnight. Brand new phone, but had "updated" stickers on the box and screen. Different build number. Same reception...no improvement.
But I love the S3. For me, there are too many good things about it, to make me exchange it for a "lesser" phone. Sure, I have an issue with the reception - but for me, it's only really bad at my house. Even though I'm here quite a bit (work from home), thankfully, I don't
need to make/take calls from my cell phone here.
It's one little tiny thing that makes me wish for winter...no leaves on the trees = much better cell reception.