The first two Nexuses I tried out exhibited the same frustrating data dropping behavior as detailed in this thread. Finally gave up and went with a Rezound and just like that, signal strength was no longer a concern...at all and I mean whatsoever. The Rezound just did it's thing and I always had data. So I was definitely thinking that based on experience, it's a Nexus hardware issue.
Week ago, I get an itch to try out another Nexus, tired of waiting on an OTA to address known issues. Ordered it from Amazon Wireless this time, rather than go through Verizon again, I figure why not mix up the source a bit (plus the price was great). This one shows up with 4.0.2 already on board and lo and behold...no data issues at all. I mean none, as in rock solid as my Rezound. (I still have the Rezound to make direct comparisons with.) Week in and it's been great. I was even sitting in a movie theater the other night, checking to make sure the ringer was off and was pleasantly surprised to see three bars of 4G. The first two Nexuses I had would have all gray bars and saying the mobile network was disconnected any time I went into a building it seemed.
I don't think it should take multiple attempts to get a "good one" of course, and I hope an OTA is on the way to address the outstanding issues, but when it works, it works, and is absolutely capable of obtaining and holding a strong signal.
My unscientific opinion, based on nothing other than my own experience, is that the first batch(es) shipped suffered from some manufacturing/QC issues. Some of that stock is still floating around out there, most likely in Verizon's inventory.
Keep harping on Verizon until they get you one that works the way it should! I couldn't agree more, top priority should be signal.