Apple IPHONE

I am in Canada, where the iPhone 4 is being released on Friday. Up here, you can now buy subsidized phones with a 3 year plan or factory unlocked at full price, approx $780. My daughter has a 3G with about 1.5 years left on the contract. (they stick us with 3 years, not 2 like in the US)

If we get the subsidized phone, we are stuck in a new 3yr plan. Of course there probably will be a new iPhone coming out next year. My thought is to buy an unlocked iPhone 4 and cut the SIM card on her 3G into Micro Sim size and put it in her new phone. I think the phone would work just fine, same phone number same plan and everything, am I right or is there a catch 22 that I don't know about?

The reason for doing this would be next year, when the next "must have" iPhone comes out, we would have a factory unlocked iPhone 4 which should not be too difficult to sell and we would be free of contracts.

Is there anything I am not thinking about?

Thank you!

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