GeoHot posted a picture showing that he managed to run custom commands on iBoot. This seems to be the first major step for a jailbreak. Moreover GeoHot also managed to find the key for the Ramdisk while MuscleNerd of the iPhoneDevTeam obviously has already found the vfdecrypt key.
All this is good news. Anyway aswell as GeoHot and the DevTeam will have lots of work to do. Don’t expect anything soon, since GeoHot also found a new security addition called ECID, which obviously gets generated by Apple’s servers and which seems to be unique to every iPhone. Every restore seems to have to be validated by Apple’s servers. And this is bad news.