I-Phone has been broken out of Jail!!

While it’s not quite ready for mere mortals to use it, hackers that call themselves the iPhone/Touch Dev Team say they’ve finally managed to jailbreak the iPhone firmware version 1.1.1. It’s great news because 1) the latest iPhone can be activated again without signing up with AT&T and 2) third-party applications will be able to run once again, kinda. Don’t get too excited just yet, though, because there’s still a lot of “major hacking” left to do. Full details from Dev Team after the jump:

I’ve figured they do it sooner or later but kinda of depressing that they have to recompile the 3rd party apps. Go check out the full story!