Just picked up my iPhone 4, and yes, the signal is weak enough in my house to replicate the problem exactly. It's almost funny.
BUT - the iphone, so long as it has at least some signal, seems to have fewer problems with distortion in the call, suggesting that it holds onto calls better (as long as my flesh doesn't touch that little black line and cut off the signal entirely).
It's too bad that this has been such a dominant story. The phone's added features really are an improvement over the previous version, and I think pretty much every iphone user remembers how crazy in love they became with their phones in the first days after their initial purchase. There really is nothing that compares to it, and I carried a blackberry for years and was recently forced to carry around an android for a month, so I'm not flying blind when I say that.
Oh well, win some, lose some.
By the way, as I was leaving, I was interviewed by a public radio reporter who asked me why I didn't let the news story scare me off of buying the phone, so if you hear a story of a guy who says "no machine is perfect, whether you're buying a multi-tool for $20 or a Rolls-Royce." That's me. I also said that while I was technically buying an object, I was also buying the best customer support system in the business (or something to that effect.)
Who knows if it will see airtime.