As a former electronics technician and and Air Force communications specialist, I'm quite surprised that Apple didn't realize that touching an antenna would change the impedance of the antenna, affecting the signal strength--unless they assumed it would help improve signal strength as has been demonstrated numerous times with AM and FM antennae on radios and television. The problem is that even with those older technologies, it depended on where you touched the antenna and how tightly you held it. There's also the possibility that, by bridging the insulating gaps with your fingers/hand, you create a high-impedance short which would further affect the overall impedance of either antenna.
However, by insulating the steel rim with a non-conducting material like the silicone 'boot' or a leather/vinyl overall case, you eliminate the contact with the skin and retain the engineered-in impedance. It is possible that using some sort of plastic coating or maybe even an anodizing process like that used on the iPods could offer not only that insulating property needed, but also allow Apple to colorize the iPhone in the same way.
Again, I'm surprised that they missed this quite simple issue during their testing.