This seems (for my case anyway) to be related to location and/strength from base station I guess. Went back home to restore phone over lunch and even before the restore I had 3G/HSDPA at 2mbps+. Restored and still had 3G/HSDPA. Went back to work where I could get 3G/HSDPA on 4.0 and now there is 3G/HSDPA with 4.0.1.
So maybe due to 3G signal strength, it now seems to drop down to EDGE/GPRS even in areas it could easy do HSDPA (2mbps+) in 4.0.
So if the fix only affected display, why the hell is it messing up the 3G reception in areas it could get it?
Note that before and after the update, I had the "death grip" problem but that never prevented 3G at my work before.