If Centennial uses GSM (sorry, I have no idea who they are either), then yes, they use SIM cards.
The iPhone is
quad band, meaning it operates on essentially all the GSM frequencies used everywhere in the world. This means that, assuming the provider allows the phone onto the network (in principle, phones can also be locked off of networks, but this is very rare), then yes, it will work for voice. If Centennial has an EDGE network, it will work for data services as well.
As far as the getting kicked off part, the idea is that when you roam, there is a differential cost to your provider. They are paying for your access to that other network that you're roaming onto. The reason they don't charge you is that they find it easier and more appealing to customers to just average the costs out. The reason they kick out excessive roamers is because they don't fit the cost model. If you're concerned about being kicked out, though, and you're almost always outside of the T-Mobile network, you should definitely ask first. Do you even know that T-Mobile is willing to give you an account registered to your home address, if that address is outside their coverage area?
P.S. this is your nationwide service provider (the states colored blue)
And not very much of those states. For instance, the Detroit Metro is not covered in Michigan....