Here’s a problem: Apple says they’ve sold 3.7 million iPhones. AT&T says they’ve activated 2 million iPhones. Just where the hell are the rest of the iPhones?
The various theories get sort of complicated (taking into account European sales, etc.) but it boils down to this: Either there are a million unlocked iPhones out there, or the demand is not as high as Apple’s numbers suggest and there are lots and lots of unsold phones sitting around on AT&T shelves.