With all due respect, billimek, I wholeheartedly disagree. I hope you're being sarcastic.
I did not spend hundreds of dollars on a device so that I could alter my life based on the quirks of the device. I spent hundreds of dollars on a device expecting it to be able to adapt to me (just as my iPhone 3G did for the past 15 months with no problems whatsoever.) I am fine with putting the iPhone 4 in a case to avoid loss of signal since I was going to put the phone in a case anyway. However, having my phone put the conversation on speaker, mute the call, end the call, and start a conference call with one of my contacts while I'm in a call is absolutely unacceptable of ANY phone whether it was manufactured in 1995 or 2010.
There are now a few videos on YouTube popping up that are demonstrating the proximity sensor issue with the iPhone 4. In one in particular, the phone's screen never appears to turn off even though the guy holds the phone to his ear for several seconds. This is, no doubt, a problem. It may not be affecting a majority of users, but it is affecting many. I expect a fix from Apple (whether that comes from a software update or a replacement handset has yet to be seen.) I am giving Apple until July 23 to fix this problem before I am taking my handset back.