Comment Re:Next please! (Score 1) 446
It was going the same for me. This was after placing the phone on DFU mode during the upgrade process and restarting the phone several times. What really helped was after doing a full backup, clicking on the Restore button in iTunes. Plan on taking up about 1+ hours depending on the number and size of installed applications. After that, I notice it start slowing down after certain apps fail and taking me back to the SpringBoard. A reset brings it back.
This won't make your phone as responsive as a 3Gs or when it had 3.1 code, but it worked better for me. Unfortunately, moving to 4.0 code is necessary to get security updates for iOS. YMMV and all that but hope this helps.