at the moment, you're correct. I've ranted on this NUMEROUS times in my blog.
However, having the N73 on Cingular, it's great for most things. Obviously streaming multimedia is a bit sluggish, but for web browsing and downloading stuff, it's not bad at all.
And it also depends on what you're willing to sacrifice to have that fast speed. I tried the BlackJack. Purely the device, it's freakin fantastic. Form factor, that scroll wheel, oh man, beautiful. However, Windows Mobile is an OS that I have tried 3 times now, 2x phone-based and 1x touch-screen and I simply can't see how it is usable. No copy and paste on the phone, you can't automatically (WITHOUT USER INTERACTION) sync via bluetooth, and you have to connect it to a PC to do nearly anything. I lasted about a week with each and simply had to get rid of it and come back to S60.
So I'm willing to sacrifice a little speed for the usability. And I'm no cheapie on data. I blow through over 450mb/mo on my N73 without tethering.