My buddy got his new phone a few weeks back, the antenna thing is real and he bought a case to fix the issue. Bad design, imo.
Search on Cnet, Gizmodo, pretty much anywhere and you will see many people have experienced and are frustrated by this issue. I would recommend removing all fanboy goggles before searching though.
By the way, this was the summary from Cnet's review of the iPhone 4. I highlighted a few parts most fanboys tend to overlook;
The bottom line: With the iPhone 4, Apple again shows that it is a powerful player in the smartphone wars. It won't be for everyone, the call quality and reception remain sticking points, and AT&T remains a sticking point, but the handset's striking design, loaded feature set, and satisfying performance make it the best iPhone yet.
Just another review where call quality/reception and AT&T in general were low points. You can add that to the reviews done by Consumer Reports, J.D. Power and others. It is like a Ferrari without any gas.