John Gruber posted a image from page 13 of the Droid Eris User Manual that shows the area where the antenna is and it says you should avoid contact with that area. It says that you should “always use your device only in its normal-use position”. The problem with the iPhone 4 is that if you use it in a normal-use position it drops signal.
But that is not the real problem at all. We all know now that most phones will lose signal if held in just the right place and I say most phone because nobody has test every phone out there. I didn’t know anything about attenuation till this all got started but the real problem with the iPhone is the one thing that Apple prides itself on the most, the design. They took a chance and put the antenna on the outside, something that I am sure other cell phone manufacturers have tested, and it didn’t work as good as they would of liked. Now if Steve Jobs said that last week then this would all be behind them but they decided to point fingers like a teenager. But you could always do like Jobs says and “just avoid holding it in that way“. Or just wait for one of the free bumpers to fix the non-problem that the iPhone 4 doesn’t have.