Confirmed, this works!
I can't confirm that this works (please someone let me know, thanks MacGasm!) but apparently you can register for a US iTunes account separately inside of iTunes to get the Skype for iPhone application.
Link to Apple Support on how to do this here.
Also - thanks to Tyler: for the following link follow the instructions here and you are in business: Step by step instructions to creating an iTunes account in other countries.
Also - the imminent release of Skype for Blackberry will also be affected with a different version that is IM and inbound Skype call only - due to some patent issue. Because you can load BB applications via a desktop loader, that really won't do much to prevent CDN uses from getting the full application..
I don't think jailbroken iPhones have this geo-issue as you should be able to load any application on it, I imagine it is just a matter of time till someone releases the iPhone app. to the jailbreak community.