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The hack, code-named "yellowsn0w," is currently being packaged into a user-friendly application with the simplicity provided by similar tools such as the PwnageTool jailbreaking assistant and BootNeuter baseband unlocker.
An public release is slated for December 31st, New Year's Eve.
The unlock will require a jailbroken iPhone 3G that's running baseband version 2.11.07 or earlier. To ensure that an iPhone preserves an unlockable version of the baseband, the Dev Team recommends that users refrain from using the QuickPwn tool or applying any of Apple's iPhone software updates that aren't already supported by the PwnageTool jailbreaking app.