Exactly. I believe every iPhone 4 is the same but whether or not the problem manifests itself depends entirely on the individual using it. Some people's skin/body attenuates the signal while with others it has no effect.
If you are not having this problem consider yourself lucky. It is real and significant. See if your friends have the problem when holding it.
I did not have this problem with my 3G, 3Gs nor any other cellphone I've used. It is clearly the fact that the metal frame contains the antennas and is coming into direct contact with the skin/body.
I too think this is a very real issue, as several friends received theirs on Wed and were gloating Wed night, until they realized how often their calls were dropping. We thought it was due the the battery not being charged up all the way, but I came up with a different theory altogether:
Let's assume that all iPhone4's will suffer this issue if the user's skin comes into direct contact with the antenna, or bridges the gap between the antennas. Now let's assume that Apple was clearly aware of this, and used some type of insulator to prevent this. During production, a clear-coat or laqeuer is sprayed onto the parts to prevent direct contact with the user's skin. Many components include this on bare metal parts for appearance. It Aldo prevents corrosion, etc.
Now let's assume that due to the blistering pace of iPhone4 production, the folks applying this clear-coat get a little......sloppy. During production, some units get a full coat, others, not so much. Those units that don't have a full coat allow the user's skin to come into contact with the bare metal, and this causes easily repeatable issues on those specific phones that don't have a full coat. Those that do have a full coat have no issues whatsoever.
Consider the fact that the screen yellowing is due to the bonding agent not curing completely (i.e. it's not completely dried), and the fact we've seen zero WHITE iPhones says a few things about the production process:
A. It's complicated, and different from anything Apple has ever produced.
B. Apple's suppliers are making them as fast as they can, possibly cutting a few corners on the way.
Demand for this iPhone4 is ridiculous, and I'm sure there's tremendous pressure on suppliers to get these parts shipped yesterday. Electronics production is complicated and includes many layers in the process.
This clear-coat application might take place immediately after these parts are CNC'ed, long before final assembly. This would complicate QA checks, as they'd be checking for electronic isolation, vs. simple appearance. It would be difficult to confirm that each and every steel band was completely coated with the insulator by simply inspecting it.
For the same reasons, tis would be difficult to correct once the phone is assembled. And I certainly don't think a software tweak would provide any relief. That said, I've assumed much and can confirm little, I've simply applied some of my experience with manufacturing automotive electronics to what vie gleaned from users experience and the web.
So there's my theory, feel free to rip it apart. This is a very curious issue and I'd look forward to hearing from those that are familiar with such topics.