The iPhone is still quad band, so will technically work in Europe
Since the FCC approved the iPhone there have been some mutterings about whether it works in Europe, as well as whether it's safe or could interfere with bands not covered by the scope of the FCC's testing process.
As both Engadget and Seeking Alpha detail, the FCC really doesn't care about bands that are of no use for communications in the States.
That doesn't mean that the US version of the iPhone won't work, technically at least, in Europe and elsewhere, though it will depend upon what type of international roaming plan AT&T / Apple offer. It's still a quad-band phone.
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