The iPhone Dev-Team has announced the unlock for iPhones running the 3.0 firmware and named it UltraSn0w.
Dev-Team will release The UltraSn0w unlock on Friday after the iPhone 3GS release and will be applied and work similar to the old YellowSn0w unlock. The procedure will work on the 4.26.08 baseband version so a good news to all those who accidentally updated to the latest baseband will be able to regain their unlock.
As those sweet toys will be release by the Dev-Team, we will post Guides on applying those unlocks and jailbreaks. So, stay tuned and watch what Dev-Team have demonstrated.