It drops to 1X in locations all over the DC metro area, in situations where the Incredible never did. Certain locations are worse than others, so, yeah, it is location based, but other than this thread, I hadn't read any reports that the X should get worse 3G reception than the HTC phone, and the Verizon CSRs seem to think it's a problem, too.
I'm ready to admit I made the wrong decision in switching phones at this point, but I'm gonna make them send me a new battery and see if maybe that fixes it, just for posterity.