I really think the biggest problem here is Apple’s reaction. Personally I don't own an iPhone 4 (yet), but I can imagine it to be a punch in the face to constantly lose signal and then read Steve Jobs’ comment about not holding it that way. That's just not how you should tread a customer. It's not only disrespectful, it's also dishonest, because in the PR videos everybody is holding it that way.
In September, there will be new iPod Touches. Maybe, just maybe Apple will also release a slightly modified iPhone 4? Do the antennas really have to be inside or could they just, say, be painted over with some non-conductive paint? And everybody who has an original iPhone 4 and experiences this problem (not everyone seems to be affected) should at least get a bumper for free. Or a real case. And maybe some iTunes vouchers like in 2007 when Apple reduced the iPhone’s price shortly after release. If Apple doesn't solve this problem quickly I believe it could become the RROD* of cell phones.
*@all non-gamers: high failure rate of Xbox 360 due to a design error
@Lo Zeno: Thanks for sharing this expert opinion!
