The Best Semi-Solutions for iPhone 4 Reception Problems So Far

Stop Holding It Wrong
Apple has explained that the iPhone 4 reception issues end when people just plain stop holding their devices the wrong way:

If you ever experience this on your iPhone 4, avoid gripping it in the lower left corner in a way that covers both sides of the black strip in the metal band.

Cover the Antenna Points With Tape
If cases and rubber bands are to expensive for you, there's always the cheap man's solution: Tape. From the sounds of it the results are a mixed bag, but there are a few users who claim that a small bit of tape over their iPhones' antenna points fixed any reception issues. For what it's worth, Brian Lam tried it with masking tape to no effect. Remember that something like duct tape is sure to leave a residue on your phone, so mind the heavy, gummy tapes with strong adhesives.

Build A Frankenstein-Style DIY iPhone Holder
One of our readers was inspired by his one-year-old to just plain figure out a way to avoid touching his phone too much. Brian's Frankenstein-style solution isn't exactly too attractive or easy to stick in your pocket, but it would do if you're really desperate and happen to have a trinket with a suction cup sitting around.
Source: Gizmodo