Question about phone unlocked phone contract

I have a tmobile G2 , and I am
thinking about purchasing a Galaxy
Nexus. However, the Galaxy Nexus
will only be released on Verizon,
meaning that I will have to buy an
unlocked version. If I buy an unlocked
version of the phone and put my
simcard in it, will my plan with tmobile
be transferred to that phone? My
brother told me that the plan with
tmobile is only based off the simcard,
so I can put my card in any
unlocked phone without having to
start a new contract with tmobile
because I will still have the same
number and be on the same plan. Is
that how it works? Is it as easy as
putting my simcard in the unlocked
phone and using it? I have seen some people who are buying an unlocked version talking about going with a month to month plan on it. I just want to know how exactly the sim card/contract transfer would work on the unlocked phone. Sorry if this makes me sound stupid.

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