Covered here previously: http://news.ycombinator.com/item?id=2171107
My write up on how to activate the Optimus for WiFi use only: http://blog.gerundinganimal.com/2011/01/cheap-wifi-only-andr...
True it isn't unlocked, but I'm not aware of anyone saying unsubsidized == unlocked.
You can buy a Virgin mobile phone and never activate it. You can stop paying without penalty after your first month. That's unsubsidised.