I just ran some tests on my mates iphone and at the bottom of the sides of the metal rim there 2 black plastic strips that separate the bottom metallic strip from the rest of the rim. If you only use 1 finger to bridge this connection on the left hand side the reception drops from full to 1 bar.
do the same just touching the right no effect on reception.
this leads me to think that the conductivity in the finger bridges the gap and effectively takes the signal from being focused in the bottom half of the phone to all round the edge and therefore reducing the signal to the antenna in the bottom left.
Im guess bridging only the right hand gap that the effect isnt noticeable as it is farther from the antenna itself (tho my knowledge of high frequency field behaviour aint great)
i dont know if this had been posted before and if so I apologise, and I imagine my theory isnt completely right, there is certainly an effect on the phone I have when only the gap on the left hand side is bridged.