The Ottom@n team has successfully put together a working ISO loader and they have officially put a release-date on it. The loader has also been announced to be firmware 1.8 compatible and has been successfully booting off the consoles OtherOS app. The loader will be released "September 9, 2007".
The official announcement video is in the link I have provided. You can see in the video that the loader is very user friendly.