The best scenario is for Apple to coat the antenna and replace all existing phones with a revised model.
Actually, the best scenerio would be to replace the metal band with a solid metal band around the phone (no gaps, they won't be needed), hollow on the inside, and run an insulated copper strip inside the band to serve as an antenna. This would eliminate the possibility of shorting anything and, in two ways, reduce the capacitive effect of your hand on the antenna while allowing it to remain outside the body of the phone and minimally away from the electronics inside for better reception. Simply replacing it with an insulated metal band identical to that on the phone now would be better than nothing, but when the coating starts to flake, chip or wear away, and it will, the problem will slowly resurface. Plus it does nothing about the capacitive effect which will also hit the iPhone hard due to your hand being on the antenna itself.