OS update isn't going to 'fix' the reception issue. It's a hardware fault. If they claim to be offering a fix it will be cosmetic, and therefore entirely pointless.
I'm still not convinced it's hardware. I've personally seen too many 3G and 3GS iPhones that this problem could be replicated just like my iPhone 4. If it were hardware related to just the iPhone 4, it couldn't/wouldn't be replicated on the 3G and 3GS. Had I not see it with my own eyes, I might believe it to be an iPhone 4 hardware problem.