Some internet providers use the word "unlimited" for internet downloads allowance, and some mobile providers use it for calls allowance. However, it usually comes with the small print in the bracket states that "fair use policy" or "??? MB limit" etc.
According to Advertising Standards Authority (ASA):
"It should be acceptable to describe an aspect of a service as 'unlimited' (e.g. 'for just £12 a month you can make unlimited calls to numbers beginning 01 and 02') despite the existence of a fair-use policy, which is invoked to prevent misuse of the service, providing the policy's existence is stated in the ad."
Generally, as long as you mention your "unlimited" service has an enforceable limitation, you're okay to advertise it as having no limit.
Interesting cases
Case of T-Mobile (ASA ruled in favour of T-Mobile)
http://www.asa.org.uk/Complaints-and-ASA-action/Adjudications/2008/9/T_Mobile-%28UK%29-Ltd/TF_ADJ_44966.aspx
Case of Orange's Moblie (ASA upheld the claims of T-Mobile)http://www.asa.org.uk/Complaints-and-ASA-action/Adjudications/2007/9/Orange-Personal-Communications-Services-Ltd/TF_ADJ_43242.aspx
References
http://www.asa.org.uk/
http://www.wired.co.uk/news/archive/2010-06/17/o2-was-right-to-ditch-unlimited-iphone-4-data-plans
http://www.pc-help-ipswich.co.uk/internet.gif
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