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The antenna issues unique to the iPhone 4 were do to the user's skin "bridging" the little insulative gap on the side of the iPhone's antenna band. This reduces the signal (according to Anandtech who studied the issue) around -20db of signal. This was made worse by the fact that the iPhone's signal bars were displayed based on a curve, and didn't really represent the user's actual signal in an intelligible way. So users in low signal area's (with a naked iPhone) would see a dramatic drop of bars if they gripped the iPhone in a way that bridged the gap, and for users in poor signal areas, a -20db signal drop was often enough to drop a call. Other users in areas of very good signal often didn't see a problem at all.
Apple responded by changing the signal bar formula (thru a software update) and giving away free Bumper cases (which cover the antenna band completely to prevent bridging the insulators) to early buyers of the phone. That policy has now changed to a "Call us if you need it" approach for free bumper cases.
On the other hand, Anandtech's look at the problem also revealed that the iPhone 4 could hold onto a lower level of signal (without dropping a call) than the iPhone 3GS.
For me admittedly, the whole thing is a bit of a non-issue, as I always put expensive devices in cases that protect the item from impact and drops. But some folks love the industrial design and want to carry the iPhone naked. Since nothing has changed with the physical design of the phone, if you operate it caseless in an area with very little signal, you can still see the effect. However, I enjoy the fact that I can use the iPhone 4 in area's that were previously dead areas to me, relying on the improved signal performance compared to my older iPhone.
As with all things, YMMV