It looks official. From the first intrusion into the 1.1.1 Firmware, we knew this was coming.
Less than a week later, here it is. There are, of course caveats: The hack provides jailbreak, activation, and third party applications but only applies to the iPhone (no iPod Touchy for you!) and is not meant for iPhones with modified basebands. So for those of us with hacked 1.0.2 we have to wait - probably a few more days.
Of course, iPhoneSIMFree is now working as well. It looks like all is happy in iPhone