Another advantage: an unlocked phone can really help for international travel. I'm heading from the US to Hong Kong and my friends with unlocked phones can get local, prepaid SIM cards for very good voice + data rates.
AT&T has told me that "standard" rates for international roaming in Asia is $2.50/minute (!!) and even the biggest package they have only brings it down to $1.50. It's completely insane. Plus you need to purchase voice roaming, data roaming, and text roaming all separately. Believe it or not, it will actually be slightly cheaper to cancel my AT&T plan, pay the cancellation fee, and switch to TMobile than it would be to purchase all of their punitive roaming services.