I upgraded from a 3G to the iPhone 4 about a week ago. After using it for a week, I feel like this whole antenna issue got blown way out of proportion.
Yes, the signal drops if you cover the spot, but does it have any effect on actual day-to-day usage? No.
I've noticed improved reception compared to my old 3G regardless of how I hold the phone, and I'm not using the bumpers either.
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