Exactly, just that he didn't figure out the "left-corner reason". It's interestig though, that Apple responded to Walt talking of a software issue.
Here's my take on it:
Some iPhones seem to be able to make calls DESPITE what the bars show. This makes it seem as if the iPhone is still capable of calling. It is a relatively good sign that it can be a software issue: after all, the problem isn't with the capability of making phone calls, but with how that availability is shown, and interpreted by the device.
On the other hand, that is not what happens widespread. Some people seem to have no problems at all, while others cannot indeed make calls. This, IMO, makes it harder to fit into the "software" theory. Software has no "bad batches", it's uniform thorughout every device. As such, I do not take the software issue as valid from here on. While it COULD be a software issue in the sense that once the iPhone would recognize the inssuficient number of bars, it'd shut off the call, that doesn't apply to all the cases. If it was merely a software issue, every iPhone would perceive the signal as "too weak" and end the call.
There is the possibility that there are bad batches, with a varying degree of handicap. "Good" phones would not drop calls nor bars, "Bad" phones would drop calls and bars, and "Not-so-bad-but-still-not-good" phones would drop bars, but not calls. It's hard to confirm this because different areas have different receptions. My take on this is that we'd need to test multiple iPhone 4s in the same area and evaluate the results in order to take any conclusions.
Another possibility has to do with skin types. As you know, every one of us has different skin, different blood composition, different ammounts of ions in our finger tips. These changes may account for the differences in responses to holding the left bottom corner, since the problem appears to be the fact that the fingers act as connects between the 2 parts of the antenna.
All-in-all, I do not believe it's a software issue. Software is uniform between iPhones, whiel the issues are not. However, I do believe it's an issue that is repairable via software. By decreasing (or shutting down completely) the antenna that is not being used while doing the phone call, I think that problem could theoretically be fixed. Notwithstanding such fact, not only that does not make up for a (apparently) tremendous engineering flaw, but it can also cause conflicts when people are surfing the web, for example, and every uploading and downloading activity ends up having to be suspended because of a call.