It should actually connect using UTMS as all AT&T SIMs (for a while) are 3G SIMs. This can be proven by taking the iPhone SIM out and putting it in a current 3G phone.
Yes, I am guessing that if we put in our iphone 1 sim card in the 3G iPhone, then AT&T wouldn't be able to tell we were using the iPhone 3G, and therefore we would still be able to get 3G, but on the iphone 1 plan.
So all you would have to do is get hold of an iPhone 3G without contract, and swap the sims, as long as you can somehow get it unlocked. My guess being it won't be long before they are unlocked - especially if some of the European phones do come unlocked, they could somehow load the software supplied with those ones onto the USA models.