When the iPhone 3G can be unlocked, from what I'm reading here, it will WORK on T-Mobile, it just won't have 3G speeds because of the frequency difference? Is that right?
Yep. If you want to hedge your bets (because software locking still doesn't look all that promising to me) there are hardware solutions. But you'll never do better than EDGE speeds given current specs of the iPhone and T-Mobile.