Absolutely. If this is their attitude over this they can stick their iPhone. I've never been able to replicate this problem with any other smartphone I have either owned or demoed.
I could make this happen on some older phones I've had over the years but they never stopped the phone from functioning as much as it does with the iPhone 4. You lost bars, but not complete signals!
Well, come on over here and I'll show you my Blackberry Tour dropping from 3 to 0 bars, and dropping a call, here in my office when I touch the bottom half of it.
There's no difference between losing bars and losing the signal; it's a question of degree, not kind. Same with the folks who see their "bars" drop then shoot back up when the device detects more interference and maxed out the power to the antenna ... if you are already in that mode because the reception is sketchy, "losing bars" will in fact cause you to lose signal and drop calls. And, yes, the same is true of the iPhone 4; if you bridge the two antennas you will attenuate the signal similar in amplitude to a thick hand, which will either cause the device to use more power to keep a strong signal or will cause the signal to be lost if the device has no more "power" to give.
I love the Flat Earth Society here denying dense-body radio signal attenuation. It's quaint. The fact that the heads of two major internationally once-technology companies are leading the Flat Earth Society charge says a lot about where those companies are today. I think I'd rather purchase a cell phone from a company which understands basic physics instead, thank you!