Not quite as fast as the iPod touch jailbreak, but still pretty darn fast. Your move, Apple.
Update: Thankfully, Ibrahim clarifies in the comments, because I'm not sure I understand myself. The team has basically figured out a way to downgrade 1.1.2 to 1.0.2 or 1.1.1 and unlock it. They haven't actually unlocked the 1.1.2 iPhone, because it hasn't been jailbroken yet, but they have unlocked the new modem firmware.