It's gonna be even tougher to redesign the phone from scratch in 2 weeks.
Seriously though, I don't know what a recall would accomplish. If this is indeed a hardware problem/design flaw, I guess the only thing they could do is come up with some sort of insulation coating that sticks to the stainless steel, but stuff like that needs to be tested or there will be even more embarrassment when the coating starts falling off in flakes. Redesigning the structure of the phone would take a long ass time. So the only option would be to make the bumper an included accessory in the same color as the phone, and if people want other colors they'll have to buy them extra.
Another thing I'm wondering about is these reports of the glass shattering. There's one thread where someone talks about the front shattering after a 2 foot drop. What the hell? I have 99¢ Ikea glasses that have survived being dropped from 4 feet and they sure as hell aren't made from "chemically strengthened glass 20 times stiffer and 30 times harder than plastic and used in helicopter windshields".