you should be banned from macrumors. Rational and common sense answers are not allowed.
I'm just waiting for someone to put one of those "stick on" signal boosters onto their iPhone and report a huge increase in signal!
The bottom line without test equipment and getting a reading of the signal in dB and the power that BOTH the tower and the internal antenna is currently running at, "bars" of signal tell you nothing touching the phone or otherwise.
If an update indeed comes out on Monday, then my money is on the problem being the firmware is to slow to detect the attenuation of the phone movement and having a someones huge meaty palms in between the tower and the phone and doesn't ramp up the antenna power fast enough, probably affecting the 1900 band. Easy problem to solve and is a very common problem in cell phones (especially with multiple antennas).
This was a problem with the Motorola Q and this same issue delayed the deployment of the Motorola Q on the Alltel network for a few months while Alltel made Motorola fix it. The Q was a ruberized phone, but holding the phone would massively attenuate the signal. Alltel was one of the few good cell companies who actually tested their phones extensively in the field and make the manufacturer fix issues like this before they would release the phones.