My Experience to Share
Well... I said I'd post back- so here is my experience!
~ Just remember I have the 1st Gen. iPhone. ~
I downloaded the update and backed up my iPhone the night it came out in less than a half hour. Update went successfully.
I've seen a great improvement in speed and responsiveness. I have not seen Safari crash yet and scrolling and zooming is much smoother. Additionally, none of my app. store applications have crashed.
Typing is a little less laggy, but it still lags on. It can be a really frustrating for me sometimes since I am a fast iPhone typer.
Maps seem to be more accurate and provides information faster.
When I am on WiFi at my house, I do not get kicked off as much as I did. Before when I was in my room, I'd keep getting knocked off WiFi and would have to always try to connect again. Now the WiFi isn't that much of an issue.
The latest problem for me (it doesn't bother me too much) is that I've noticed if I do some heavy duty stuff on the iPhone with music playing at the same time, the music sometimes starts to lag or stall for about three seconds, but then all is good after those three seconds with the music. I find it odd, because my music never did this weird behavior before when I had 1.1.4...
Reception I really can't tell a difference. I've seen it to be always different. Where my home is, it's not in a great area for reception, but I can make calls ok.
One day in my room I will have 3 bars, then the next day I'll have one. It's odd. Of course when the thing is on the dock it flies up to five bars. But I really don't feel like talking to someone with my phone on the dock...

Once in a power outage, I had to talk with my iPhone on the dock next to the window crouched in a ball just to get a bar.
Every day my reception acts different...
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Mainly, I have to say that reception has been my biggest bother with the iPhone. I paid $400 for the phone, and I pay about $70 a month for service. I expect to get some decent service usage with it. But it makes me a little annoyed when I get five bars outside of Walmart, and I walk into the store and get nothing... not even a bar. And then I see all those happy Americans talking away on their cheap $50 phones opposed to me paying a good amount for a phone and cell service, and I can't even talk!
Hey, when I need the phone the most, I get no service. When I don't need it, sure, I get 5 bars in a heartbeat.
But as a lot of people have said, this update probably isn't a fix for reception issues, and I agree to that. Hopefully a future firmware update soon will do some reception fixings and fix other bugs and problems that people are having
Overall, I've had good luck with every single iPhone firmware update that has come out. I definitely feel for those who do not have success.
I guess everything with technology can't be perfect...
So that's my $0.02!