Not if there still isn't 3G HSDPA support, no user-replaceable battery, and it's $600+.
Europeans aren't stupid. They've had superior cell phone technology in Europe (and Asia) for years now and they are always about 5 years ahead of the US in that particular technical arena.
I know. I lived there for the last thirteen years.
You also have to remember that Apple has to abide by not only EU law but by each individual country's laws as well, and that can lead to them selling either a completely different iPhone from the one today or to not selling one in Europe at all.
How many of you in Europe are still waiting on iTunes TV shows or movies? Exactly.
And after the DRM & iTunes debacles Apple has had in Europe recently, I wouldn't blame them one bit if they just flat-out told Europe to "fsck off" when it comes to the iPhone.