Looks like the iPhone Dev Team has Jailbroken and Unlocked the 2.0 iPhone firmware! Check out this message from modmyifone.com they have full guides posted for iPhone 1st Gen & iPhone 3g. Have fun!
Pwnage Tool 2.0 is officially released by the Dev Team.
The tool jailbreaks and unlocks any 1st gen iPhones running the 2.0 firmware and jailbreaks any 3g iPhone/iPod Touch running the 2.0 firmware. It does NOT support older versions of the iPhone/iPod Touch firmware.
This release doesn’t unlock 3g iPhones yet, but they say they’re working on that.