@PokerChip: I'd say its tough to judge the phone's reception issue by using it just in one place..
I've been using an iPhone 4 since friday.. I'm easily able to replicate the reception issue - but only in a few areas I've found. I was at a friend's place in Grimsby, On, where reception seems good. 3 bars (whatever that really means lol) and consistent speed tests of 4mbps down & 3-4mbps up. but holding the phone in left hand (not just 1 finger on the weak spot) will go from 2-3 bars to Network Lost within 5 seconds. it can get pretty annoying.. for ex: I was browsing some websites with the phone in my right hand, then I would place it in my left to do some pinch to zooming with my right. as soon as i do that, network is lost and page can no longer load.
Having said that, the phone really impresses me, and I won't let that issue stop me from keeping this phone, as it only happens in a few places i've found so far. The physical build, screen, and camera impress me the most. Camera is the biggest surprise for me, especially hd video. I couldn't believe how good video from a cell phone looked when I watched it on a 52" LCD.