Notice the large percentage of the US iPhone 4 owners having this problem. Maybe it's because statistically, we're the fattest nation on earth and we have fatter hands than everyone else that is causing signal attenuation.
Anyway, to those who have seen the signal meter drop down, were you still able to make a call? How was the reception? Now Apple claims this is all a software issue and how iOS 4 calculates the number of bars to display.
I haven't bought an iPhone 4 yet, but I can tell you for a fact that I can replicate the test on my 3GS. In my pocket, signal goes down. In my hand, the signal goes down. Up to my ear, the signal goes down. This affects me more when I'm in a low signal area like at work. When I put the phone down on the table and place it away from me, signal improves and I can receive texts and calls.
It's common sense, people. The antennae is inside the phone. Put the phone close to anything, you will get some signal loss. The only way you can probably avoid signal loss is if you had some huge antennae like in those "walkie-talkies" in WWII.
I'm not sure how this non-story became a story. Sorta reminds me of all those commercials for fibromyalgia. Now you've got all these people with aches and pains coming out of the woodwork looking for disability benefits claiming they have fibromyalgia.
I guess we'll have to wait and see some real data with real world scientific testing, not just anecdoctal evidence.
I apologize in advance to those with fibromyalgia. I didn't mean to make light of your condition.