Register iPhone on UK based iTunes Account

Hello all,
I've browsed the forums - and noticed a number of posts related to UK iPhone registrations. Common conclusion seems to be for UK users to wait until iPhone release later this year. But - practicality or roaming cost aside - I couldn't find any technical confirmation on the following:
1. I'm using a UK based iTunes / Apple ID Account
2. The UK iTunes account is registered with UK based credit / address info
Can I purchase an iPhone and activate it with AT&T using the above described setup? I've got a US business address - so there is a physical presence in the US if required for paper work. But all fincance / credit is done via the UK.
Will this work technically? Can anyone confirm / or has anyone done this?
Thanks.
Coupland.

Jim is 100 percent correct. If at least 40 percent of your calls and phone usage are not done on ATT's network, they will cancel the account. See the posts called things like "ATT took away my iPhone" that are rampant on this site and the Cingular/ATT site.
Right now, only USA customers with USA service to ATT are allowed to use the iPhone. Even some USA residents can use the phone if they don't have access to ATT signals (about 15 percent of the US right now).
If you are in the USA as a non-USA resident, they will determine (in person at ATT, not online) your credit risk and will offer you a phone with a substantial downpayment (about 1000.00) -- but you will STILL be reminded you need to use your phone at least 40 percent of the time on the ATT network - not just a USA roaming network, but an ATT-connection to an ATT tower. If not, your account will be cancelled.
In general, you would have to live in the USA 6 months each year to get a contract to begin with, and then pay international roaming rates while you are back in your own country (exorbitant).

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