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I hear there's a problem with signal reception. Is it true or is it just the competition trying to make it look bad?
I've also heard that some of the Retina displays on them are defective.
Pretty much true. There's video proof on YouTube and by the press of touching certain parts of the new iPhone causing you to basically lose signal. The sides of the phone are essentially antennas, and depending on the frequency in which the device broadcasts and receives in, may not play nicely with hands touching the antenna.