Are you 100% sure they can't block at the MCC/MNC level? if they block AT&T at the baseband you will not have roaming in my country.
Based on the testing everyone has done so far and the process by which ultrasn0w works to unlock GSM basebands on a jb'd iPhone I would say yes only at the baseband level, though it is possible that there are other methods as well, but even if there are I'd say locking at the baseband level is the preferred method with respect to iPhone.
If you have any friends in US with a Sprint iPhone 4S you should invite them to visit. Then let me know, I'd be glad to be proven wrong.