Good that it is working out for a some people and sad that it's not working out so great for some.
However, I wish that Apple had handled it differently. I have owned almost 10 iPhones since it was originally released back in 2007. I have owned them all within a week or two of them being launched. This is the first phone which I have held back from buying... reason? Apple's handling of the situation. I know that I can adjust the way I handle the phone and get around the signal drop... but I don't want my new iPhone to drop /10 in price in case Apple finally comes around and does a recall or something equally drastic.
The problem (as I see it) is simple. In iOS 4 (the current OS in all shipping iPhone 4) the visualization is skewed to show 5 bars even when you don't have a great signal.
The in depth review by Anandtech throws a lot of light on it:
http://www.anandtech.com/show/3794/the-iphone-4-review/2
This image, particularly:
http://images.anandtech.com/reviews/gadgets/apple/iphone4/bars.jpg
The phone shows you 5 bars all the way from -51 to -91 dB signal strength. Touching the gap drops your signal strength by 24 dB.
So if you are in a strong signal area and you touch the area (death touch/grip), you are still above -91 dB and thus still SEE 5 bars (hence the reports of NO issue...)
If you are at 4 bars already (i.e. below -91 dB), touching the area will take you way low and you will see the phone visualize the drop slowly to no bars and then drop the call.
It is surprising to see the extent some fan bois/shills will go to... get a life guys.