I waited 6 months for this phone and have been very disappointed with the reception. I came from Sprint with the Evo and never had any reception/connectivity issues with it. This phone has been a nightmare with reception. I don't even turn 4G on because it causes the phone to lose data connectivity until I reboot.
I have compared 3G on my phone, in multiple locations and cities, to several other phones including the Droid Charge, original Droid, iPhone on Verizon and HTC Rezound and have found the dBm on the Nexus to be consistently 10-20 less than every other phone I compare it to, even the original Droid which was known for less than perfect (for a Moto) reception.
All of my friends have the same problem with their Nexus (I have 5 friends with it, we're all Android nerds). The really odd thing is, when I went home to Lubbock for Christmas, call quality was superb. When in Austin, even the ringing sound the phone makes when you are calling someone and waiting for them to answer doesn't even come through clearly. It's all garbled up, just like the caller's voice. In both cities, however, the dBm were always massively lower than other Verizon phones, including my mother's iPhone.
I was at a friend's last night and there were 2 of us with Nexus there. We had zero signal on our phones and had to use wifi. My other friend had a new iPhone 4s on Verizon and had about -83dBm, which is a pretty darn good signal. His worked fine.
This phone has piss-poor 3G reception. All 5 of my friends that have this phone also have the same piss-poor 3G reception. I'm likely returning it for a GSM version, which I've researched and seems to have good reception, if not great.