I don't think this is a software issue. Here's why....
I have in front of me 3 iphones.
3G with 3.12 software
3GS with 4.0 software
4.0 with 4.0 software
I've always had a case (ivy) on the 3GS and for the most part, always have 4-5 bars.
I bought the iphone 4 yesterday and dropped phone calls before I left the parking lot.
Didn't think much about it because I wasn't familiar with that part of town and didn't know how the reception was there.
As the day grew long, I dropped more and more phone calls. By last night after talking to tech support and reading all about the poor reception issue, I found out I was not alone.
To make matters worse, the new iphone 4 has 1-2 bars at best WITHOUT me even touching it. Just laying on the counter it has barely any reception. When I pick it up in any shape or manner, it immediately goes into searching mode.
I'm reading the forum here and keep reading that other people with 3 series phones have the exact same problem. Like I said, I had no idea since I have always had a case.
Sooooo, I'm sitting here with all 3 phones and it's true, while sitting on the table, the 3 series phones have full signals. Within 10-20 seconds of picking them up, the bars drop to 1 or 2.
Remember, one has the 3 series software, one has the updated 4 series software and obviously the third phone is the iphone 4.
So, how can a software fix the problem when my 3G with the 3 series software does the EXACT same thing?
I made a reservation with the genius bar today. I will swap out the new phone hopefully so I have the same issue everyone else had... that is, losing signal when I'm holding it. I think it's ridiculous but I use my phone for business and at 5-6K minutes a month, I'm on it constantly.. the odds of me dropping the phone is much greater than my wife who is only on the phone for 700 minutes a month.
So getting a cover for me is a no brainer (though it's a shame to cover up the aesthetically pleasing new phone)