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Given a travel related situation, and given a specific question about the situation, summarize the question into a title

I've been reading up on how to get my cell phone into Europe and I'm still not entirely sure what to do. I'd prefer to use my iPhone so that I can carry fewer electronics, but my provider will not unlock my phone until my contract expires and it's going to cost a few hundred US dollars to buy out the contract (Bah!). Additionally, newer iPhones seem to only carry smaller SIM cards.


What are my options?
If I am able to get my phone unlocked, are nano SIM cards commonly sold in Europe?


Note 1: I would only consider buying another phone if it ended up being drastically cheaper than taking my iPhone (though I would still need to bring my iPhone for camera purposes). 

Note 2: I'll be in Europe for a several months (in and out of Schengen area) including Western Europe and the more western countries of Eastern Europe.

Output:
What to do about my US iPhone while traveling around Europe?