Holy crap, HKB...
I'm torn between disbelief, and the thought that there's no reason for you to be so specific without it being 100% correct.
That chipset's spec sheet says it does HSDPA/UMTS, EVDO, and A-GPS natively, with specific intent to be the foundation of a multimedia platform, with turn-by-turn GPS offerings and state of the art 3G data....
Assuming you're correct, Uncle Steve has been hiding a HUGE piece or two of potential functionality...
your words have the ring of truth, and mirror my own understanding/wishful thinking - the whole notion that this wouldn't be a 3G device has just been not sitting well with me, given the European rollout, and my conception that they've built the iPhone hardware as a platform they intend to keep around for a while - I don't see big changes in the next year/18 months, by which time not having 3G just won't be an option.
For as much hassle as they've taken for EDGE, the reality is that they're MUCH better off selling it as a slightly slow device that works at full speed most places, than as a fast device that only works at full speed in the few places where AT&T has full 3G coverage. That approach allows them to sell millions of units to people in EDGE coverage, rather than it being something that only people in HSDPA/UMTS coverage zones buy.
With your posts, I'm imagining that Steve has a plan in just a few months to announce that he's flipping a switch, and making the iPhone the most-common 3G device in the world... but then, I'm a dreamer. Same story with GPS.
In the meantime, since I'm living in Seattle, which has complete 3G coverage, it's going to be hard living with EDGE until the day when/if it comes available...