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Re: iPhone
You won't get out of the original contract, but the operator will still consider it a loss of revenue as they won't get the minutes/texts/data bills that you might have got had you stepped over your contracted allowances. I'd guess the iPhone would be considered as a greater potential loss because of the chargeable content they'll be wanting you to take on it.
Not sure about the EU side of things, but I suspect iPhone 2 or whatever it is will be out then and be being pushed as the new thing to have.
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