Someone wasn't paying attention in Signal Propagation classes...
Mr Jobs would appear to have a bit of a problem understanding signal propagation, that is, the way in which radio signals can be effectively sent by means of antennae. Come to that, it's quite probably that his engineers might need a refresher, too.
The ideal place for a radio antenna on a hand-held RF-radiating device is the top, that is the uppermost, part of the device. Why? Simpler: There's less chance of the antenna being obstructed by human flesh and bone (thus reducing the effective strength of radiated and received RF signals), the antenna is also higher as you raise the device to speak into the devices' built-in microphone (thus increasing the effective range, however slightly, of the device), and it also reduces the chances of RF burns in higher-powered devices (not that mobile phones or hand-held walkie-talkie style radios have much chance of that, they don't tend to generate enough power to do that).
So, what do Apple do? They bury the antenna in the heel of the device, and add to their design error by ensuring that the human hand to come into contact with the shell-mounted wrap-around antenna as well. Um... oops?
Could they have done anything more to reduce the effectiveness of the antenna? Well, yeah, they could have made sure that the transmitter and received weren't actually connected to the antenna, but that's probably a tad obvious, even to them.
Epic Fail, anyone?