Yes, this is a way to get 3G speed on an iPhone, as Raimo demo's in his video.
UPDATE: Some folks have their hands on the new N96. Nokia has increased the internal memory to 16 GB in addition to its microSD slot which the 8 GB N95 doesn't have. It sports a 5 megapixel camera with auto-focus lens and two LEDs for flash and video lighting.
The 2.8 inch QVGA display will come in handy for the integrated DVB-H [Digital Video Broadcast - Handheld] mobile TV tuner, while a 3.5mm headphone jack, A2DP [stereo Bluetooth], and integrated stereo speakers should handle audio with aplomb.
It provides AGPS (Assisted Global Positioning System which uses cell sites within the cellular network to help with positioning when the satellite signal is degraded). Unfortunately, for now, the N96 does "HSDPA only on the 900 and 2100 MHz bands." The AT&T Wireless 3G HSDPA network uses 850/1900 MHz.