Ever since they pushed the updates back in early July I have had nothing but issues with my Thunderbolt. I am now to the point where I had my phone replaced because of a handful of issues. I am no longer receiving 4G coverage at all and i'm in an area where I personally built the Verizon Cell site and installed the 4G antennas myself so I know there's 4G coverage. I'm also a share holder of the company. I live and work in the Chicagoland area and frequently work in the Verizon Corporate office in Schaumburg. I have been working with Tech support and have no answers. I have had my phone replaced but that didnt work. I need to know what is going on and I need to know now. I noticed something odd today while going over the steps that Tech support usually tells you to do when trying to fix any issue. I pulled out the battery and checked my 4G sim card and found 2 gouges in it from the area where it slides in and out of the sim card holder. But even prior to that I still had issues with 4G like many other's that i've seen post on the help section of the website. My phone also has issues with the GPS turning on and off. It will send random text messages to random people. It also has issues with the on off button on the top of the phone sticking. This is my replacement phone mind you that I just got. My last Thunderbolt had the exact same issues and that's why I asked for a replacement. I'm just about fed up with this phone and think it's time they start replacing this phone with an actual working 4G phone.
It sounds like you have had a rather unpleasant experience with your TBolt.
There is a new OTA that started pushing out this morning. It should fix the SMS bug, and also data connectivity (fingers-crossed!).
They havent put up the new PDF for today's OTA yet, but when they do you'll be able to see the list of fixes.
I've had the TBolt since it came out, but I've always used Handscent so I haven't experienced the SMS-to-the-wrong-recipient bug, thankfully. However, I have had my share of data-connect/reconnect issues. And those seemed to occur sometimes with a switch-off from 3G/4G/1XRTT/whatever.
I accepted the OTA this morning and I havent had any data issues. The phone and data seem a bit snappier too. Plus it is Gingerbread.
Your on/off button and SIM card issues are hardware though, and might need addressing. The on/off button is rather difficult to press, IMHO. But it should not stick.