Exactly why I'm waiting for the hype to die down...I learned the hard way after x amount of returns on my ipad 2 due to very poor quality control with the initial runs...
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Wow that is something! That made me check mine. I would definitely return it and get it swapped out.
This thread interested me because my buttons are not lining up in my otterbox like they were with the ip4. The power button is off as well as the mute switch.
Is there anything else wrong with the phone? If not, just hold on to it until you want to get a new one (let's say it get scratched up within the next couple of months or you want to sell before the next iPhone hits). That's generally what I do when I get something like this, my iPhone 4 home button wouldn't work unless you pressed it just right, lived with it like that until a month ago and swapped it. Then the refurb I got I never took the plastic off and sold it and used that money to pay for my 4s.