Let's look at this from a business standpoint.
Let's say you are Apple. You are going to O2 or Vodaphone or Rodgers or . . . How are you going to get them to essentially relinquish control over the UI and accept Apple's demands for profit sharing if the phone is not exclusive? Are you going to say, "You are guaranteed to have 100.00% of iPhone users until they start tinkering with their phone, and then go somewhere else."
Let's say you are AT&T. You have spent a huge amount of money to upgrade your network, changing the way your system works in a multitude of ways. In return, you are guaranteed to have two years of revenue. Yes, you probably have to share a small amount of revenue, but you will acquire a million plus customers--customers who agree to a two year contract with you just by buying the phone. Are they going to tell their shareholders, "Hey we just spent millions on upgrading our network, nearly a million phones already, but some people are jumping ship. It's ok. They want to circumvent our system to go over to T-Mobile. Yes we gave up a lot of concessions to Apple, and now those customers are getting Apple's perks on another network."
People have complained that the exclusive contract is not like any other contract. Keep in mind that Apple is not like any other phone manufacturer.
1) They have a huge success record with the iPod, and they will have their own customers to build off of. Motorola, Nokia, Samsung, etc. can't make this claim.
2) Apple agrees to exclusivity in order to have complete control of the user interface, continuing the intuitive UI reputation began by the Mac, the iPod, and most recently

TV. The other makers cannot make the claim of exclusivity in exchange for creative control.
3) Apple reportedly gets a portion of revenue from each customer.
4) Apple only has two models.
5) Apple will supply software updates, promising new features. I don't know of other Carriers / Makers that will update and include new features without requiring a new piece of equipment.
6) Apple takes on all tech support.
7) Apple created a relatively easy activation process, not requiring an hour or so in the store or on the phone.
I can't imagine Apple allowing hackers to upset the balance between provider and carrier. I can see Apple not allowing unlocked phones from being eligible for any updates/upgrades.
I don't like exclusivity at all. But like the poor EDGE speeds, I knew that going into the contract.