a complete unlock means you should be able to insert any sim card and it works perfectly fine, you shouldn't have to clone/flash a sim card each time you want to enable it for use. with the methods currently used for "unlocking" your iphone, you wont be able to just insert a new sim card and make a call!
i would rather say it's just enabling the sim to be used with the iphone and is not at all unlocking it for gsm/edge networks..
although soon enough there will be a method (i guess there was something about short circuit unlock, haven't read about it) to completely unlock the iphone.