It's already in Europe. I doubt a completely open version will ever catch on here in the U.S. - most American's aren't going to pay several hundred dollars for an unlocked phone due to a lack of carrier subsidy. 2 year contract really isn't a long time to be locked in to a carrier anyway.
The problem (as I see it) is simply the lack of carriers that can use an iPhone. If I could pay the $200 or so bucks for an iPhone and a two year contract with AT&T - and then take it to another carrier after 2 years - I wouldn't mind. All existing iPhone users will have to get a new iPhone if they want to switch to Verizon early next year. That sucks!
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