And your point is...?
Yeah, Steve Jobs is putting the best spin on it he can. What a surprise. But does his case contain merit?
My own experience is that I can make my iPhone 3GS drop bars by holding it - I never realised that before. So is the 3GS suddenly a worse phone? Nope - if anything, the opposite. Because I now know about this behaviour, I can avoid holding it that way when the signal is weak.
It also looks as if this sort of behaviour happens to a lot of phones. This is supported not only by Apple's videos, but also by phone user manuals and anecdotes from other websites (including a forum thread about the Nexus 1 in February, which seems to have been ignored at the time). You'll find many of these on self-acknowleged Apple shill Gruber's Daring Fireball site.
So if, as it seems, most phones suffer attenuation when the antenna - hidden or not - is encased in a sack of blood and flesh, then Apple has a point.
However, the crux is whether the signal loss is (a) worse on the iPhone 4 than on other data-using phones and (b) whether the the "flaw" spot on the iPhone 4, where the line is, causes significant additional signal loss.
If (a) is inconclusive or marginal, the SJ's reality seems valid. If, as I guess most of us suspect, (b) is true, then SJ has tried to hide a specific weakness behind a general truth. Hence the bumper offer, which contradicts his general point that even internal-antenna'd phones suffer attenuation.