Last summer, when the folks at iFixit first did a tear down of the iPhone 4, one of the interesting tidbits they revealed was that the iPhone 4 has two mics (which is more than most other cell phones), and that it has a white-labelled (manufacturers details removed upon request from Apple) noise cancellation chip in it. The idea being that ambient noise is identified by the second mic, and processed and cancelled out by the chip -- leaving the person listening to whoever is speaking into the iPhone 4 with much clearer audio.
Furthermore, a few months ago, you may have noticed that iFixit -- along side the help of