It is locked to 02 from the start but on the 02 website it says you can have it unlocked after the launch period. Which they don't mention when the period ends?
"Unlocking iPhone 4
To make sure our iPhone 4 stock is reserved exclusively for genuine O2 customers during launch, we won't unlock iPhone 4 until after the launch period. Please check back here for the latest information on unlocking iPhone 4."