Are French "unlocked" iPhone Country-locked?

Website iPhone Atlas reports that unlocked French iPhones may not actually be as unlocked as you'd initially guess. They write that these ???649 devices will only work with French SIM cards. If you buy the "unlocked" iPhone in France, head over to Spain or Canada or wherever, and stick in a foreign SIM, you'll end up paying mucho-euros in roaming fees to a French carrier. Head over to iPhone Atlas to read the entire story.

So is this not-entirely-unlocked thing for real or FUD? Let us know in the comments.