As an existing O2 sub (and user of a number of friends iPhones over in the US) I was going to get my phone this evening, but I have been informed by O2 customer service (the iPhone specialist team) that not only do existing SIMs not work, but that the iPhone SIM will not work in other phones.
I rely on my mobile and reliable as Apple tech is, I do not like the idea of losing the ability to switch back to other devices if there are problems, flat batteries etc etc. It seems the only option is to wait for a replacement to be mailed to you
Can't believe it as a regular early adopter, but this has stalled my purchase - maybe for a very long while - now I can get the 3 USB dongle/broadband combo for the Powerbook that I was going to get after all!
Ian