I've had my phone since late Thursday. I only was able to recreate the reception issue when I was inside in a weak coverage area. The area I was at in Portland has always had 1-2 ATT bars, even with a 3G iphone, so no surprise when I covered the antenna.
In Seattle, Tucson and Phoenix, it's been fine. Signal is just fine in most areas, and areas where my 3G iphone would lose signal, this phone doesn't seem to lose it as much.
I do have a body glove case on it, if for no other reason than to protect it if I drop it. My biggest complaint with the phone: everyone saying "oh wow, is that the new iphone?!?"