Yeah, it's fishy alright. Fishy like a dead shad in the summer sun.
Firstly, the antenna design is borked. The cellular antenna is rather OK - not great - but the wifi/gps antenna is total crap. The phone's been taken apart and analyzed and this is known. Why do you think there are several reports of the phone being returned because the user could get no signal whatsoever? Why do you think the wifi signal bounces all over the place even if you place the phone directly on top of the access point?
Secondly, the GPS may just be garbage. Nobody actually knows because a) the antenna is crap, and b) it's a brand new Broadcom part with nothing to compare it to. Frankly if I had the proper part I would like to put an external antenna on this thing using the port on the back and see what happens.
Thirdly, the software running the GPS blows and can't lock on to enough sats to get a secure position. This is also a known defect. The stupid factory default of "standalone" mode doesn't help things either.
So the fact of the matter is, they did know about it ahead of time, they sold the phone anyway, and they hoped that enough people either don't notice or don't care and they can sweep it all under the rug until the next hardware revision is ready. (Same thing with the iPhone 4 antenna - you're telling me nobody ever held the phone in their left hand during all that pre-sales testing? Give me a break. Difference is, Apple got called on the carpet for it and had to actually respond.)
So yeah to echo the person above me, if you think Samsung and AT&T only found out about this issue after the launch, I've got a bridge you may be interested in.