Well this has been a long time coming. It seems that the iPhone Dev-Team has finally done the impossible -- they've gone and unlocked the iPhone 3G. The hack isn't out yet (the team says they're shooting for a December 31st release), and it requires that you've got a baseband of 2.11.07 or earlier, but when it drops, the crew seems fairly confident it will result in freedom from carrier oppression. The team is packaging the app -- formerly codenamed "yellowsn0w" -- into a user-friendly app a la PwnageTool and QuickPwn. Of course, you know how this cat and mouse game goes by now, so don't be surprised when Jobs and company come calling with an update that adds toast making to the official menu, but breaks your breaks all over again.
[Thanks to everyone who sent this in]