calm down, calm down
no-one (well not many anyway) know exactly what the spec of the european iphone will look like. it may well have 3G (as per the leaked German T-Mobile iPhone launch ads circulating a few weeks ago) and O2 may be upgrading the networks to EDGE so that when a 3G iPhone is out of 3G coverage it will fall back onto EDGE which is better than it falling back to standard GPRS as would be the case now...
i would put the excitement / rants on hold for a few weeks until there is more detailed information other than random speculation.