I'm seeing the same issue here. After the 4.4.2 update I started to see Droid Razr M WiFi problems (not connecting, randomly dropping connections) at a few locations where it used to work before. Disabling Bluetooth immediately brings back WiFi, and re-enabling Bluetooth kills WiFi again. I'm amazed that such a problem wasn't picked up by testing - please provide a fix ASAP.

UPDATE - forcing WiFi to only use the 5GHZ band seems to resolve the problem (i.e. both BT and WiFi can be enabled and work at the same time).