Tammy, welcome to the club, not a great club to be in. I and many many like you (just google up the various forums) have the same situation as you except my wife has the Verizon Iphone and I've got the Charge. More times than I'd care to mention, I have no data and she has a solid 3G signal. She's getting fed up with my ongoing line "Honey, can I see your phone for a minute". Don't bother with master resets, battery pulls, going in and out of airplane mode, switching from LTE to CDMA, they all are short term (seconds, minutes?) solutions to a far more serious issue with either the hardware, the software, the towers of a combination of all of these. Unfortunately the latest OTA software update did little to nothing for this particular issue. It did solve the mobile hotspot issue, but for me it did nothing on the more important issue of data connectivity.
I don't expect this will be fixed until the 2nd gen 4G phones come out. This is an issue with ALL Verizon's 4G phones...bar none. I've seen it in my numerous trips to Verizon stores and playing with the LG, TBolt and Charge. In fact when I went to a Verizon store yesterday, it seemed the TBolt was faring worse. I'm sure Verizon knows they've got a serious issue here and I think there's only so much they can do given the hardware they're dealing with. The fact that the OTA software update was supposed to address this issue shows that Verizon knows the issue exists. In our area (Long Island), I can't imagine any Verizon store employee with a Charge or other 4G phone that hasn't experienced this themselves.