I've seen the so-called "reception issue" on my iPhone 4 only when I grip it in a certain way, but even then, it seems to be a software bug. I was able to make and receive calls, with normal, typical call quality, on both one bar and "NO SIGNAL" when holding the phone in the "death grip." Therefore, I feel that, at least with my phone, there isn't an issue and iOS 4.0.1 will remedy the overly-sensitive signal bars.
I will take a free Bumper if Apple offers it to me, though.
I will take a free Bumper if Apple offers it to me, though.