One think i've noticed is that if you ask for a replacement normal sized sim the gold contact area is much smaller, which makes cutting it very easy. My contract t mobile sim was like your o2 one, but when a replacement one came it was much smaller.
So you would think!!
As it is a smaller contact area you cannot use a micro sim as a template as the contacts are in different places. I cut around a micro sim, put it in the iphone 4 sim tray only to find that the contacts were 1/4 covered on the one size. Had to cut more off the one side and jam it in the opposite side. Think i'll get a replacement micro sim when T-mobile get their asses in gear