EDGE is Enhanced Data rates for GSM Evolution. It's the successor to GPRS wap browsing, which didn't achieve any great throughput. The WAP speeds over GPRS were using 2G architecture while EDGE relies on 3G.
Up here in Canada my phone has unlimited EDGE/WAP traffic for $5/month. I stream a radio station in the morning/evening for about half an hour, and have my phone setup to do remote desktop to my home computer.. I'm not paying out my ass either. I don't think I'd want an iPhone, mainly because I prefer CDMA over GSM.. none of that interference around monitors/speakers