Actually, it will work with O2, Orange, Vodafone, <insert name of European/Asian provider here>
You could get one, unlock it and sell it for $300 more to a person in EMEA. Gotta remember there are more countries than just he US.
I go to the UK for like 15 weeks per year, I would love to have a sweet phone to use while I am there.
In the US, there are limited GSM offerings but GSM is the only transmission methodology in Europe.