The V60 is tri-band GSM (900/1800/1900), so it should work in most countries. I don't personally use the V60, but I don't think you should have any problems with it.

I have service with Cingular (the GSM one in CA) and use the Siemens S40 phone and my phone works just fine in Europe, Japan, India and New Zealand. Sorry, haven't been anywhere else lately. I would say take the deal. $1 per min is cheap !! Specially since all people have to do is dial your standard US number and the phone rings anywhere.