Here is what's going to happen...
Yes, placing your hand in different positions on the phone DOES affect the signal. Go figure! You mean to tell me that Apple doesn't have engineers smart enough to create adaptive radio waves that transmit through the human body as well as they do through air? What the hell is going on in Cupertino???
There is probably some cause for pause with this issue, but less than the little bars reflect.
YOUR whining will force Apple to update the software and dumb it down so that you can feel good about having "more bars in more places" too.
Congratulations! iOS4.0.1 will not replace the hardware, but I can guarantee you the all the whiners will certainly have more bars (like the rest of us) so that we can feel better about our super-phone, and not lust after the EVO, which always has not five, but six bars, even on the moon when encased in a lead box.
On a COMPLETELY unrelated note, I had a 19 minute phone call today, in my metal car, on the AT&T network, while holding my iPhone 4 in my left hand (because I was using my right hand to drive)
Guess what? The call didn't drop. Now I wasn't actually checking to see how many bars I had along the way so I could log them on Gizmodo's site, but somehow, it was just enough to get me to where I wanted to be.
Crazy, Right?