In another "you knew it was coming" moment the Dev-Team announced they are already at work on their iPhone OS 3.0 Jailbreak.
In fact the Dev Team says OS 3.0 is already jailbreakable on all devices.
The do caution everyone to wait until the update Pwnage tool though. As the current version of yellowsn0w will get overwritten by the new IPSW's baseband and there is no way to revert the baseband back.
A new Pwnage tool will be made that will avoid this issue
Read more here
With all of the great stuff lined up for us with the 3.0 OS that Apple described today, many 3G owners may find themselves with itchy update fingers. If you find yourself with access to the 3G IPSW for 3.0 via the iPhone Dev Center program, and you are using yellowsn0w, do not update or restore to that official IPSW. You will lose yellowsn0w and find yourself unable to revert the baseband to get it back.