I haven't read all 24 pages of replies to this, nor the 2000+ posts regarding the iPhone 4's dropped calls, nor do I own the new iPhone.
<Insert flaming comments here - fire away!>
However, I do neurophysiological experiments in which we amplify biological signals by 10,000x or more. One of the things one learns in doing these experiments is that the human body makes an excellent antenna, and this depends on a variety of factors including the degree to which one sweats (perspiration is a good conductor) and even nature of one's shoes (rubber-soled shoes insulate one from the ground, resulting in a better human antenna).
The thing I wonder is whether the apparent signal drop-out is not an attenuation, but the addition of noise that masks the cellular signal. Touching the exposed iPhone antenna should make it receive signals better (if you are not grounded). However, if you live in an area that has a lot of electromagnetic radiation (high power electrical lines and equipment emitting electromagnetic noise at high frequencies directly or through harmonics of low frequency noise), this might paradoxically reduce the reliability of calls because the signal-to-noise ratio is reduced. This might explain some of the variation in users' experiences. Just sayin'....