I'd love to have the iPhone on Verizon but how much will they want the iPhone if it is a trojan horse that makes them lose MMS,SMS and international long distance revenue?
How? Most people don't make international calls with their cell-phone. All Google Voice calls count as normal calls, and subtract minutes from your cell-phone plan, just like all other normal calls. So if you are calling your friend to see why he's late to dinner, AT&T makes as much money off you with GV as they do otherwise. Same with text messages; when someone sends a text message to your Google Voice number, it's relayed to your cell-phone. If you pay to receive random text messages, you paid for that one too. (But I assume iPhone users have unlimited SMS messages, so who cares?)
Anyway, AT&T loses very little here, and users gain a lot in terms of convenience.
(There's also the argument that Google Voice makes it easier to ditch AT&T. That's true, but I ported my number from AT&T to T-Mobile yesterday, and it took literally 15 minutes, with no involvement from me other than "ok, do it". So it's already really easy to switch away from AT&T.)
All in all, I don't get it. I'm glad I have a MyTouch 3G instead of an iPhone. Google Voice works swimmingly for me (and I even get to see a cute tshirt-wearing android every time I make a call. Yay!)
I'm actually surprised T-Mobile doesn't block GV, as they have a lot more to lose. With "My Faves", you get unlimited calling to 5 arbitrary numbers. With your GV number as one of those, all your calls become free. Now that actually costs them money.
These are also the same reasons why I think it's a great idea.
Are you sure it used your minutes and SMS instead of VOIP and SMS through google's accounts?
I'd say that's a good threat to AT&T.