This is the command line to talk to your iPhone’s “BIOS” of sorts. It decides what gets run (if it’s signed correctly) or not. Normally it’s very restrictive. Unless it’s been pwned.
Pwnage breaks the chain of trust from the very earliest boot stage, and as the video shows, this chain has now been broken on the iPhone 3G. Given that the only thing lower than this is ROM, Apple will have to change the hardware to prevent us from getting in, and we don’t expect them to ask for your phone back so they can “fix” it.
Please note that this has been anything but trivial, and it wasn’t as easy as porting our old code to the 3G iPhone. Many of our best hackers have been working in long shifts all weekend on this, and continue to do so as I write this post.
That's amazing, it means that, it's possible to jailbreack (Unlocking is another thing...) newest iPhone 3G !!!
Stay tuned, something is changing very fast ... .. .. .. .