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Early testing and reports from iPhone 4S users seem to show that the signal drop from tightly gripping the iPhone has been diminished or even eliminated.



From MacRumors:
The above picture tries to demonstrate the reduced effect, but even the iPhone 4 attenuation is rather minimal as compared to the worst case scenarios we've seen.

The iPhone 4S is known to have significant antenna upgrades, allowing it to switch antennas to maximize their signal. iSpazio also posted a video showing little effect from the "death grip" on the 4S, though the video shows the demonstrator holding it in the wrong hand for the demonstration. Typically the effect is most seen when holding the iPhone in your left hand to bridge the lower left antenna gap.
  iPhone 4S Seems to Fix 'Death Grip' Antenna Issue