While it took a little longer than the free iPhone EDGE unlock, it does sound like this is the real deal. The team is claiming a successful unlocknow the next step is to package it up in a user-friendly GUI app like Pwnage Tool."Unlocking" is the process by which customers can break the SIM-lock that ties the iPhone to one specific carrier. There are a number of caveats to the hack so interested readers should see the Dev Team blog.
On the market for an iPhone? Here's a breakdown of all the currently shipping iPhones from Apple.