This seems an odd reply to me. I don't think the parent suggests anywhere that there aren't legitimate gripes about the phone, just that it isn't a 'dud'. A dud is something which completely fails to operate - a bomb that doesn't explode, for example.
The iPhone 4 has a significant flaw, but many (if not most) people have found it to operate perfectly well. If you look at the testing done at Anandtech, for instance, the new iPhone actually does a better job with a weaker signal. This translates into getting reception in places where it wasn't available before. Obviously, there is also a substantial design flaw in the antenna design, but the phone still operates properly for most people.
Even Consumer Reports, who obviously had serious issues with the antenna problem, still rank the iPhone 4 as one of (if not the) best smartphone on the market. That doesn't sound like a dud.
P.S. Just to clarify, I think Apple's response throughout this ordeal has been poor, and they obviously made mistakes in testing. But, like the parent post, I just wouldn't call the phone a dud.