Well, the inevitable hacking of Apple's latest flavor of iPhone has happened. Named "purplera1n," the tool will only allow installation of unauthorized applications instead of a full unlock.
"The purplera1n jailbreak will free your iPhone from the limitations imposed on it by AT&T and Apple. After jailbreaking, a user will be able to customize the iPhone with home-screen wallpapers and third-party ringtones. But the biggest advantage of jailbreaking is the support of unapproved apps such as iBlackList (blacklists and whitelists for contacts) and many others."