For all you fanatics on the edge of your seat over the iPhone v1.1.1 hacking situation, there's some good news on the horizon. According to Erica Sadun -- one of the soldiers heading up the fight to break Apple's stranglehold -- the iPhone / iPod touch dev team have indeed managed to Jailbreak the new update. Apparently, the general-use tool hasn't made a showing yet, but baby steps have been taken, and the goods are sure to follow. So what can you expect? Third party apps are working, but will probably need to be recompiled due to the new frameworks, Springboard won't recognize DisplayOrder.plist (included apps now seem to be hard-coded into the Springboard app), you can activate the phone with third-party workarounds, and the Mobile Terminal and BSD suite work, as well as ARM-compiled command-line utilities. Of very interesting note: Erica says that the new firmware references both Nike and a radio, and that the devs are taking up a fund to buy a cake and deliver it to Apple, courtesy of "the Crazy Ones." She says the Jailbreak isn't "ready for prime time," and based on this info we tend to agree, but if you really want the full scoop, truck over to TUAW and check out the info for yourself.