Just like to share some observations I made without updating to 4.0.1...
I get a full reception at my home, and when I grip it with left hand, the bars drop down to 2.
Intresting fact here is, I went to

store 2 days back & when I showed the reception issue to the genius bar by holding it, the bars didnt drop at all. I tested 8 different Iphone 4g availble at display and all were working flawless without a drop. I was damm confused. I just left the store & crossed the street. I tried again to figure out why the bars didnt drop...and suddenly the bars started to drop again from 5 bars to 1 bar. I rushed to the

store again & showed the same to genius bar. I asked them if they had any signal booster in the store? The genius bar agreed that they have a repeater from AT&T to boost the signal at the store.
Now I am confused again....If I am getting full signal at my house, then why the bars drop after applying the death grip?
If

store have signal boosters, I am getting full signal...& the bars should drop after applying the death grip, which dosent seem to happen!!
Now is this something to do with the design flaw on IPhone 4G or AT&T network?
Experts, post your comments!!