I don't know how reliable this site is, but they claim to have an Apple CSR memo:
Leaked: Apple’s internal iPhone 4 antenna troubleshooting procedures Boy Genius Report
No mention of a software fox for the antenna either.
Check out anandtech's writeup on the iP4. He has some great finds on the reception numbers.Basically, the amount of attenuation occuring by being held is about 24dB. This is totally in line with other phones on the market today.
The problem? The "5 Bar" scalar system isnt linear. If you are on the low end (say 84dB) of "4 Bars" (which goes from something like 83 to 112 dB, 112dB being about the best you can get in 3G) and grab the phone, a 24dB drop will put you to "1 Bar" and make it look like you lost (nearly) all reception. Its really just trickery of the eye based upon the bar system representing reception quality.
I suspect Apple's 'fix' for this problem will be to mask the 5 Bar systems scalar value differently. There is no firmware update fix to actually improve the dB loss of our meatbag bodies otherwise. Either that or get a case, and only suffer a 10-12dB all the time.