The first iPhone unlocking tutorial is now live on the internet! What does this mean for the average iPhone owner ? not much unless you are familiar with a multi-meter, precision soldering techniques and programming? Not to mention you can easily brick your new phone with one simple mistake.
That being said, if you have the skills you can view steps 1 through 6 that Geohot and his team has posted on http://iphonejtag.blogspot.com/ . Thankfully he mentions in his Youtube video a simple software update in the works that will not require all of the hardware modifications. It will probably be worth the wait.
Youtube screenshot - T-Mobile is being used as the carrier!