Well, it looks like there are still issues surrounding the controversial iPhone 4 antenna design that is also implemented in the new 4S model. Even though the new 4S has an updated antenna design, it still suffers from signal loss if you touch just the right spots. There are various products available that claim to fix this issue but applying a film over the sensitive area on the phone; the thinking being that it will prevent you from bridging the gap with your skin, and thus preventing signal loss.

I will report back after applying some Ghost Armor to the phone — hopefully that will do the trick.