The CR testing may be flawed, but even in a flawed RF test, being able to drop a connection by grabbing the phone shows a serious problem.
Thing is, for every person that complains about the problem, there are 10 that say they don't experience it. If anything, the PR backlash is larger than the signal problem (if any).
That said - Apple has been way too quiet on this. It will NOT blow over, and people deserve a better reply than "our bars are messed up".