The unlocking process is as follows: You simply buy a regular iPhone (”locked”) and pay the additional premium (999 euro total). Your iPhone’s IMEI number is recorded and sent to Apple. After 24 hours or so, Apple’s database is updated. At this stage, once you connect your iPhone to iTunes, the iPhone is automatically unlocked in a process that is described as taking only “seconds”. You can then proceed to sync your now-unlocked iPhone with iTunes. The firmware remains at version 1.1.2 after the unlock. The process raises a number of questions and also opens the possibility of unauthorized unlocking solutions to become readily available.

Via Macrumors