Yeah, it's quite obvious it's a hardware fault, I have a friend who is an Engineer at Nokia and he's explained quite a bit about the antenna design to me, in layman terms.
I don't know. I really want the iPhone but would be a bit Pee'd off if a new hardware revision came out.
But then again, if a new revision came about before the iPhone 5 in June, wouldn't that acknowledge the problem with the phone therefore rendering Apple responsible to provide all old iPhone 4 users with the newer upgraded revision?