Unlocked iPhones to hit Hong Kong

Word on the street has it that there will be a bunch of fully unlocked iPhones that will arrive on Hong Kong shores this Tuesday. These iPhones are supposedly able to send and receive SMS/MMS, make calls without an AT&T SIM card, as well as go online via GPRS. Only 8GB iPhones will be made available, and they will be priced at a princely $1,200. I suppose only the hardcore would fork out such a huge amount of money for one of these, as the rest of the general populace will probably sit this one out. You must be pretty desperate to pay more than double for an unlocked iPhone. Heck, with that kind of money I could get all three current gen consoles with some change left over.