I found something that greatly helped my data drop issues with my bionic I wanted to share, but a little background on my issue to see if it is the same one you all are having: I live in an urban area -- frequently ride underground trains, go in underground parking decks, and there are sky scrapers all over the place. Have had REALLY bad data drop problems. It was to the point that I could reproduce the issue easily 100% of the time with little effort. Briefly go into an area with no signal (e.g. underground parking deck) and then hop back into the street and it'd be solid 5 minutes+ before data service was restored (My first generation droid it was ~2-7 seconds to get data service back). Anyway, with my bionic, I'd have full signal, voice calls worked no problem. Facebook? streaming audio? not happening. It would also just randomly drop and not work (can't reliably reproduce that, but the parking deck trick works consistently). Sometimes flipping between airplane mode and back again would restore it, sometimes not.
Anyway, I installed an app - open signal map. Greatly reduced the number of times this happens to me. I uninstalled the app, rebooted the phone, and the problem was back. I've got open signal map set to upload data in the foreground only and minimum charting in the background. This *greatly* improved my experience with the bionic and wanted to share - especially in my environment where data drops happen constantly. Haven't noticed a battery impact, but I am using the extended battery and am a pretty heavy user anyway.
Would be curious if this helps others. I'd also be curious if others have noticed the issue where they go into an area with no signal the phone won't reestablish data service upon re-entering a covered area.