Some other things to try:
Reset iPhone In some cases, simply resetting the iPhone can resolve signal strength issues. Hold down the home and sleep buttons simultaneously until you see the white Apple logo, indicating that your iPhone has restarted.
Reset network settings Tap Settings, tap General, tap Reset, tap Reset Network Settings. This will cause your iPhone to restart, and will delete any stored Wi-Fi passwords as well as DNS settings and more. It can resolve signal strength issues in some cases.
Re-seat your SIM card If your iPhone’s SIM card is not seated properly, signal strength can suffer. Try re-seating the SIM by pushing a straightened paper clip into the small hole on the top of the device to open the SIM tray, making sure the SIM Card is properly in place, then re-inserting the SIM tray. Also check for debris inside the tray or SIM card slot.
Restore the iPhone Click the Restore button under the Summary tab. Restoring the phone will erase contacts, calendars, photos and other data on the phone (including any third-party applications), but will restore automatically backed-up information including text messages, notes, call history, contact favorites, sound settings, widget settings, etc.
Some users have reported that restoring the iPhone, but not restoring custom settings data from the computer-stored backup alleviates this issue. Note that you’ll lose text messages, notes, call history, contact favorites, sound settings, widget settings, etc with this method, though you can restore them anytime by simply doing another restore and choosing to push the backup to the phone.
Dock the phone or just attach a (dangling) USB cable We previously reported that docking the iPhone or attaching it to a host computer via a USB cable (in turn delivering a charge) can boost signal strength dramatically. It’s difficult to discern whether the signal is boosted by simply having a cable attached, or whether the power delivered during a charge boosts signal strength.
Worst case go back to the Apple store and see if they will exchange it for you.