The iPhone/iTouch Dev guys have been hard at work for weeks and have finally managed to jailbreak 1.1.1. Right now, they're nowhere near releasing a general-use tool but the first steps have been made. Congratulations to dinopio, asap18, netkas, Martyn, mjc, Niacin, BloomFilter, pytey, tE_gU, pumpkin, roxfan, sam, SmileyDude, NerveGas, Nate True, Arminius, DirectriX, Edgan, ixtli, kroo, xorl, and the rest of the team.
So what does this jailbreak mean?