This is true. The 3G (UMTS) networks of AT&T and T-Mobile operate on different frequencies. AT&T uses predominantly 1900 MHz (and 850 MHz), while T-Mobile US uses 1700 and 2100 MHz. In Europe 3G is at 2100 MHz. The 3G T-Mobile US network is one of very few 1700 MHz 3G networks in the world.
Presumably the current iPhone 3G is triband (850/1900/2100) as it is sold in Europe, Australia, South America, and North America. A quadband (850/1700/1900/2100) iPhone would work on T-Mobile in 3G, but there is little reason before 2010 for Apple to include 1700 MHz capability.
Depending on where you are at, this may end up being more annoying than its worth. A couple friends with Android Phones on TMobile say their 3g coverage sucks 10x worse than AT&T.