I heard about this Via T-MoNews... I have tried to emulate it and I will say this:
It is true. When I held the phone "Death Grip" Style.. I lost 'bars'. But 'bars' mesning the physical representation of bars on the screen. I did not lose and data speed, and i did not check to see if voice was affected, but i have been talking on the phone all day with no problem. I also tried this in my basement where i have poor 3g reception.
I think that this is an issue on the grounds of the physical representation of 'bars' on the phone may not be calibrated properly, but if anything, a fix would make the phone appear to have MORE service, and not less, like the iPhone.