Apple explains everything! →

In a beautifully written press release, like a personal letter from a close friend, Apple explains their side of the antenna story. This is a note that will soften even the strongest of hearts.

The gist of the story, should you not want to click through and read that, is that the iPhone 4 had been incorrectly displaying bars of signal strength, where 5 bars should really have been only 2-3 bars. So they’re going to fix that with a software update. The ball is effectively going to be passed back into AT&T’s court.

They leave with this note, for the class action lawsuit folks I assume:

As a reminder, if you are not fully satisfied, you can return your undamaged iPhone to any Apple Retail Store or the online Apple Store within 30 days of purchase for a full refund.

UPDATE: John Gruber’s spot on interpretation of the press release.