Update: Here's what Apple rep Tom Neumayr had to say about this little episode.
Well... what do you know about that?We appreciate the information provided to us about SMS vulnerabilities which affect several mobile phone platforms. This morning, less than 24 hours after a demonstration of this exploit, we've issued a free software update that eliminates the vulnerability from the iPhone. Contrary to what's been reported, no one has been able to take control of the iPhone to gain access to personal information using this exploit.
[Thanks to everyone who sent this in]