Apple is set to release their newest iPhone firmware (version 3.0) at any moment and the geniuses at the Dev-Team have an iPhone 3G unlock ready to go.
The iPhone Dev Team blog has a video of the ultrasn0w demo running on the iPhone 3.0 software. The yellowsn0w carrier unlock will be demoed as well when Apple officially releases the 3.0 OS. The PwnageTool and QuickPwn tools continue to jailbreak all of the Dev Team's tested devices running the 3.0 OS on iTunes 8.2.
The Dev-Team does not know if the new iPhone 3G S hardware will be able to be broken, but hopes are high. For more on the iPhone Dev Team, check out their blog.