Could be. Sometimes when my IP4 is sitting on my desk and I notice that it already only has two bars or so of strength, I hold the phone as tight as I can in my left hand and still don't lose any signal. I've been trying to replicate this issue for weeks, doing exactly what's in all the youtube videos about the antenna issue, and haven't had any success. The ironic thing is that all the people who tell me I'm just being fanboyish and ignoring a problem THEY KNOW I have don't own iphone 4s...
On the flip side I have a Bold 9700 as well because my company only uses BES for email, and I actually can get it to drop a few bars when I hold it the same way as the apple demo video.
But I'm obviously lying because my real-life personal experiences actually support Apple. So clearly I'm just living in that reality-distortion field. Because that's a much more rational explanation than real-life experience.