But you still have to admire their moxy. Or shamelessness. Can't decide which it is.

Just about every cell phone in current production has the antenna located at the bottom. This insures that the radiating portion of the antenna is furthest from the head. Apple was not the first to locate the antenna on the bottom, and certainly won't be the last. The problem is that humans have their hands below their ears, so the most natural position for the hand is covering the antenna. This can't be a good design decision, can it? How can we be stuck with this conundrum? It's the FCC's fault.I can confirm that I have seen this issue with my iPhone, and it now appears Apple has acknowledged the issue. But it is interesting to see how it came about, and the pressures that may have justified it. In the meantime, many users are looking into cases to alleviate the issue.
You see, when the FCC tests are run, the head is required to be in the vicinity of the phone. But, the hand is not!! And the FCC's tests are not the only tests that must be passed by a candidate product. AT&T has their own requirements for devices put on their network, and antenna efficiency is one of them. I know because I have designed quad-band GSM antennas for the AT&T network. The AT&T test similarly does not require the hand to be on the phone.
So, naturally, the design evolved to meet requirements - and efficient transmission and reception while being held by a human hand are simply not design requirements!
The big 7:
1. Multitasking for Third Party Apps: Listen to Pandora while composing an e-mail.
2. Folders: More advanced organization of your Apps
3. Improved Mail: Hello, Unified Inbox and opening attachments
4. iBooks comes to the iPhone
5. Enterprise Features including E-mail encryption, advanced wireless configuration
6. Game Center: Unified social gaming - essentially XBox Live for iPhone
7. iAd: Integrated advertising in Apps, to allow more free and low-cost Apps