Totally possible. I've built telemetry systems out of this family of devices. However rather than using the AT TCP stack, you're much better using the standard GPRS PPP mechanism that most USB cell modems use so that you can use your chip's or OS's TCP stack instead.

For example device, see http://www.windowsfordevices.com/c/a/News/Opensource-hardwar...

For PPP info, see http://ernstagn.home.xs4all.nl/GPRS-HOWTO/

[EDIT:] It's been a while, but Telit was also pushing their embedded python interpreter pretty hard back when I was into all of this. I had need for an embedded micro for other parts of my application so I never bothered too much with it, but it looked pretty interesting.