It's a design flaw. Did they seriously not think about the conductivity of the human hand when designing their external antenna.
Someone - infact a whole design and test team - missed that?
That's ludicrous indeed.
You are correct... it is ludicrous. In fact, its SO ludicrous that I am betting its not a design flaw.
There are a number of other things it could be. We'll find out more as Apple gathers data from the phones in the wild with the issue. Until we have data, its all just wild speculation as to the source of the problem.
My wild ass guess is manufacturing problem, not design problem.