Everyone is now hawking the new Pwnage tool with a lot of hot air. Mostly linking to a video that shows only that the new tool has a new interface, but shows that it's currently broken or that the producers of the video had no intentions of showing it working in the video. In other words it's pretty useless.

Jailbreak/Unlock has been mentioned by a few blogs but nothing has materialized yet except a single screenshot of the new iPhone with an icon for Installer.app on its screen.

I have no doubt everyone will have a jailbreak and unlocker in their hands soonish though. Additional opportunities are also clear, though I haven't heard about anone working on them yet. Getting arbitrary iPhone/iPod applications to install via iTunes without using the App Store - mainly how to get unsigned apps on there, maybe by fake signing them. Copying applications back off the iPhone and onto a computer. Wireless syncing. And of course the biggest hack of them all... How to get an iPhone without a contract in North America .