i can answer this with an emphatic YES. It works! Emphasis placed due to my sleepless nights scouring bbforums and pinstack for the answer to this question without resolution.
I took it upon myself to order from eBay seller Softchannel. I have no relationship with this person other than as customer and provide username so that you might find the same device that I have purchased which can be viewed
here.
The main reasons I decided to make myself the guinea pig with this particular device were:
1) Seller is in North America - Shorter shipping times
2) Sellers page notes that their product will work with ANY GSM phone (this was to be my backup for refund in case the item failed)
3) Form factor - It is convenient not to have to cut your SIM, but my thinking is that the phone was not designed to house all the extra cabling and additional card of the no-cut design. I rather put something in the SIM slot that is roughly the size of the original. (Rationale possibly debunked below).
I can tell you from first hand experience that the item is now in my phone and working.
At first I thought it was defective, but the auto switch feature was turned on by default, so the networks were constantly switching back and forth. This is no longer an issue.
I also had to switch the language from Russian to English. Things are working much easier for me now
I had read somewhere that STK was kind of broken in the most up-to-date North American firmware. I have not experienced this at all and suspect that the problems I read about were bugs in STK included with other 2-in-1 adapters.
The fact that you are placing parts of 2 SIM inside a full-SIM shaped device does add on a slight amount of bulk and it took me a few tries to get the SIM properly seated and the gate to lock. The Pearl still isn't terribly happy about the whole situation and the battery is only 99% flush to the inside of the phone now. Not an issue AFAIK, but something to note. The battery cover still closes completely without issue and power to the phone is never interrupted nor do I notice it running hot or irregular otherwise.
For those still wondering why one would want to keep 2 SIM, it's the grandfathered AT&T plan with 7pm nights, free incoming txt, and way more minutes that i need to worry about for ~65 USD (including tax) for my family shared plan after corporate discount. AT&T was asking $40/mo. additional charge for BB data, while T-Mob provides unlimited without voice for ~25 USD after corporate discount.
As would be expected, the only drawback is that I cannot receive calls while on the data side (T Mob) and cannot use data while using phone side (ATT).
If I can find time, I'd like to post some photos of the menu items, but I am reluctant to pull the SIM as it was somewhat of a hassle to get it properly inserted the first time and I do not want to break anything internally. Otherwise, I am happy to answer any questions!