The iPhone elite dev team says they've unlocked 1.1.2. Downloads are here on the Google code site. This is unconfirmed and untested as of right now, but if you just can't wait to get your 1.1.2 iPhone unlocked, there you go. Someone ping us in the comments below and let us know if it works for real.
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.