First flaw in that argument: Apple has put out that "memo" to stores basically restating Steve Jobs' position:
"There is no reception issue"
That still does not prohibit one from returning their phone.
And let's also point what's already been said in previous threads about this: This is not being filed by some charitable group of lawyers who really want to make things right out of the goodness of their hearts. We've been down this road before and know exactly how these lawsuits end: no actual fix, customers get some token settlement in the form of a gift card with a value in the single or maybe double digits if we're lucky, and the rest of the settlement is consumed by legal costs. The only people who end up winning are the lawyers.
Enjoy your "defective" iPhone 4, because that's likely how it's going to stay now. But hey, you have a $5 iTunes gift card in your future, probably a few years from now once this finally gets "resolved," so I guess it's not all bad, right?