Great news to all iPhone 3GS owners, the iPhone DevTeam has confirmed that the 24kpwn exploit used to crack open the iPod touch 2G is also applicable to the bootrom of the iPhone 3GS. This means that by using the redsnow tool, the team can jailbreak and unlock the iPhone 3GS.
So why didn't Apple fix the 24kpwn exploit in the first place? Here's what the iPhone DevTeam have to say:
Well it seems this bootrom was cut in about the August 2008 timeframe, so the unintended early reveal of 24Kpwn earlier this year didn t affect the iPhone 3GS. And yes, ultrasn0w will be able to be used on the iPhone 3GS for you unlockers! (In fact, without any modifications whatsoever!) Apple has not given up on the cat&mouse game, and in fact there are challenging aspects of the 3GS jailbreak that aren t in the other devices. It ll take some time to safely work these into our tools, but the fundamental weaknesses are there: The bootrom is exploitable via 24Kpwn, and the baseband is exploitable via ultrasn0w. (And just like with the 3G, ultrasn0w for 3GS requires that you not update your baseband when Apple comes out with new firmware.)
So there you go, it's only a matter of time when the iPhone 3GS jailbreak and unlock will be available to the public. Stay tune.