Hey folks,
it seems that George "geohot" Hotz has discovered a way to unlock the
iPhone (firmware 1.1.2, bootloader 4.6) using a hardware method.
In other news, a software unlock is nearly done and is supposed to be
released to the public in the near future.
Read more about the hardware unlock:
http://iphonejtag.blogspot.com/2008/01/112-otb-unlocked.html
So, unless you are an experienced hardware modder, don't try this.
Mike