locked versus unlocked phones

Hi All,
With the new iphone likely coming out in the next month or so, I think this topic might be rellevent. So how much money do you lose by buying an unlocked versus locked phone? I would travel yearly internationally, and roaming rates are outragious. It just makes sense to pop in an international sim when going abroad. It would be enormously cheaper. Also, I read that locked phones are only made to specificly support the frequency bands of that specific carrier. That definately would sound like a major disadvantage internationally.

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