Harry's Laptimer v14.1
iPhone 4
Jailbroken with 4.3.3 and original 1.59.00 baseband
Qstarz BT-Q818XT 10hz GPS
OBDKey WLAN (just got it, smaller design than original)
RoqyBT4 providing GPS connectivity to the Qstarz
The problem:
About once a minute or every few minutes OBDII data via the OBDKEY will drop for several seconds.
At one point, it dropped completely. Even trying to use another OBDII app iRev it couldn't even see the device.
I've tried setting the phone to airplane mode (which you can still enable wifi in) to no avail. I tried specifying an IP Gateway for the OBDKey WLAN ad-hoc wireless network which I read was something to try, no luck either.
GPS data comes in perfectly every time.
When the OBDKEY is working, the update rate is through the roof. Usually 10hz, just like the GPS, sometimes even a little more:

I'm going to check with the OBDKey folks to see if they have any input, I really want to try and find a remedy soon.
I may try using an iPad I have but I bumped it to iOS 5 beta 7 and I've had some stability issues with it.
I can also try using another iPhone 4, non-jailbroken on 4.3.5. The problem there is I won't be able to use my wonderful 10hz GPS.
The OBDkey cost a pretty penny for me being in the US. I am crossing my fingers for some yet-to-be-announced firmware update I can apply or perhaps a method to change it's wireless settings since I've heard about problems with interference messing it up.