To add to it, no your phone won't get magically unlocked, at least not SIM unlocked but yes developer unlocked. That means you can either install one or more developed applications but not other carrier SIM cards, for that you would need to network unlock your phone from the carrier, in this case ATT. And about your next question about getting future updates from the carrier, yes you would receive them but the higher OS version would take precedence and so would the firmware