Contest has been won - updates to follow shortly. All further donations will go into an account to sustain the open source project that will be launched with the initial solution.
"narf2006" and "blanka", the two programmers who claimed a few days ago to have cracked this nut, appear to have written their own bootloader which allows you to select which OS you want to boot from. Screenshots here.
MacRumors is reporting that the solution will soon be available for download and that it will work with the 17" and 20" iMacs, the MacBook Pro, and the new Mac mini.