I have to agree with those saying that this phone definitely is having an issue when in areas of weaker signal.
For starters, those of you comparing bars and/or dBm signal levels to other phones, you really have to stop. Signal bars vary widely from one phone to the next. Second, Android 4.0 is doing something no other phone does (since no other phone runs ICS), and that is report the signal for the data network it is connected to. You can pop on over to anandtech.com and read all about it. Your Galaxy Nexus, when connected to LTE, is reporting LTE strength, while other phones, when connected to LTE, are still reporting the EVDO signal strength, both for the bars and for the signal strength in dBm.
I'm all about figuring out the issue and helping either VZW and/or developers get to the root of this, but people who keep saying "My [non-Galaxy Nexus phone] on 4G had [x] bars and my Galaxy Nexus has [less than x] bars " aren't helping anybody because it's not comparing like signal strengths.
That said, I DO believe there are some issues with the Galaxy Nexus, I just DON'T believe comparing signal levels between phones is going to help anybody figure it out and furthermore, will just give creedence to VZW to modify the bar readings and reported signal strength just to appease people so they can feel good that their phone that behaves the same as it always did but now reports 4 full bars and the same EV-DO signal strenght on LTE like other phones is now somehow working right.
I owned a Rezound for 5 weeks and I can say that phone help LTE like a champ. While I do think that phone is possibly the best at holding LTE, I also think the Galaxy Nexus is having problem holding LTE compared to other phones, not including the Rezound because I think the Rezound is an exception rather than the norm.
On EV-DO, I see the Galaxy Nexus consistently showing similar signal readings to other phones on 3G when in decent to good signal areas, but in weaker locations, the signal strength tends to be lower and the phone will lose connectivity all together. The same with LTE. In weaker areas, for example inside my office, the phone will fall back to 3G when some others can keep it. In my mind, that can be one of two things: either the phone is truly screwed up, or the threshold for falling back to 3G are aggressive, perhaps in an attempt to save battery life.
Also, there are some people who lose data connectivity or voice and data completely, for periods of time. While I haven't experienced anything that extreme (and if I did, i would do an exchange right away), I have seen my connection vary just sitting in the same location, as well as drop out completely and return.
Something isn't right here.