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UPDATE:
Please Use ZiPhone, it works on all firmware versions.
Wow, jail breaking the iPhone and iPod touch is way easier then ever before.
Hackers hdm/metasploit, kroo, dinopio, rezn, drudge, pumpkin, davidc, dunham, and NerveGas just setup and “instant” jailbreak for the iPhone and iPod Touch simply by going to a website.
Installer.app allows for third party application you like like an awesome NES emulator, ssh and much more.
Instructions on how to hack the 1.1.1 iPhone:
* If Safari hangs, just hold the home button for until you’re home again and try again.
You’re home screen will now have installer.app and you’re set to have all of those third party apps the “community” way.
I’m not sure how long this expoit will last, since it’s based off the TIFF exploit found shortly after the 1.1.1 release but it looks like installer.app won’t be needed for very long with the announment a few weeksback about an SDK release for the systems.
I went ahead and ran the installer on my phone before writing this post and it runs great. The new installer.app version 3 is great and finally manageable with it’s new UI. I’m still not sure how much I’ll use it though, since I’ve been perfectly fine with 1.1.1 since it’s release and not having any “third party apps” along with it.