From the NOLS Backcountry Lightning Safety Guidelines:
When at risk, assume the lightning position. Squat (or sit) and ball up so you are as low as possible without getting prone. Wrap your arms around your legs. Close your eyes. Keep your feet together. If you have any insulated objects handy, like a foam pad or a soft pack full of clothes, sit on them. Avoid backpacks with frames since the frame may concentrate current. Don't touch metallic objects like ice axes, crampons, tent poles, or jewelry.
No disrespect to the NOLS, but this paragraph is derived mostly from the 'traditional' lightning safety advice that is based on, at best, anecdotal and folkloric evidence. Today we know much more about lightning than when the traditional advice set was first written, but this advice has unfortunately not been updated to reflect the new findings. Most media articles and sources such as NOLS quote these tips, therefore reinforcing their perceived credibility - but some of them are scientifically inaccurate. For instance, small metal objects like earrings and axes are completely inconsequential to a lightning channel path. Also, the 'lightning position' is something that was suggested to work in
theory. I am not aware of any data on direct strike victims that specifies what position they were in when hit, or whether this position has actually been verified to protect a person in the event of a direct strike.
Getting hit directly by lightning is like having an anvil dropped on your head from 300 feet up. If it happens, all bets are off as far as if the person survives or not, regardless of metal on your person, type of clothing, or body position. A direct strike is usually fatal (most lightning injuries are not from direct hits), but for those who have survived, there is no consistency as far as what they were doing at the time, what objects were surrounding them or what they were wearing. We just don't have any solid data to suggest that someone in the direct line of fire of lightning has any real chance of stopping the inevitable.
Any advice that suggests a person out in the open with no shelter can do anything to reduce the risk of a strike (other than dragging along a personal Faraday cage) doesn't produce anything but a false sense of security. The problem there is that a person who could have made it to shelter may instead decide to stay outside, deciding to either put on/take off his/her iPod/umbrella/earrings/etc because they believe it is sufficient to increase their level of protection - when in reality it does nothing.