Advisers from the the customer service branch of Apple, Applecare, have advised that the software update recently made avilable will not solve the dropped calls problem. What it will do is simply give a more accurate representation of the current reception level. It won’t fix any reception problems inherent within the phone.
Solutions which remain open to iPhone users experiencing problems with dropped calls include buying a plastic cover for the phone, holding it a different way or waiting for a more definitive solution from Apple.
We shall keep you posted.