After much research, it turns out that this is a very common issue on pretty much any modern phone if you hold it right. I managed to replicate the problem on my 3GS, even through a hard case, and here are videos showing similar issues with a Nexus One and iPhone 3G:
If you want to see the explanation for why holding phones the wrong way can degrade their reception, check this out:
http://www.antennasys.com/antennasys-blog/2010/6/24/apple-iphone-4-antennas.html

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