Aside from the back and forth on the signal issue, and the fact that major news outlets have picked up the story, is that for the first time, the iPhone has been brought down from its pedestal.
Gone are the days when the iPhone, with its capacitive touch screen interface and app market was the ONLY game in town.
For the first time, there are alternatives, like the Android phones that provide similar performance, and who are making gains in the same market space as the iPhone has.
And to top it off, you can use an alternative carrier with better coverage than ATT.
The iPhone has enjoyed a privileged spot in the market place for a couple of years now. The difference now is that is has to share the spotlight, and really be competitive. That's why flaws like the reception issue, no matter how relevant or wide spread, are affecting Apple more now, than it did before.
I love Apple computers, and don't plan on going back to Windows anytime soon, but my needs for a smart phone are equally met by the Android and iPhone offerings at the moment. And in this market space, who knows what next year, or even the next 6 months will bring.