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Originally Posted by OzMan
Neither, use any unlocked quad band phone and shove in a local prepaid sim. International roaming will rape you and you will still have to get a local sim in many countries for it to work. 
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This is probably the cheapest method while overseas if you're not especially partial to having the same phone number while you're traveling.
The newer SIM cards the carriers provide should work most anywhere they have a roaming agreement, but a lot of Western Europe would be $0.99 per minute and it goes up from there.