Perhaps you heard: the iPhone Dev Team has jailbroken the iPhone 4. I've always been interested in jailbreaking, but have never gone through with it. From what I've seen from others that have taken the plunge, you can fix literally every omission in iOS with a utility that can be downloaded once you jailbreak. Want a quick way to turn on and off WiFi and Bluetooth through a tap of the notification bar? Jailbreak. Want to see previews of your new emails or SMS on the lock screen? Jailbreak. Want to spruce up your iPhone with a new theme that changes icons, graphics, and more? Jailbreak! It's really compelling stuff that can breath new life into your iOS device and not make it feel so...confined to Apple's idea of how a device should behave. And hey, it's legal now.
It seems that on the iPhone 3GS and below, jailbreaking also meant that your device would be slower and have worse battery life when compared to stock, especially after installing a bevy of software. The iPhone 4 has a bigger battery life and faster CPU, so the opportunity is rife.
Jailbreaking has become stupidly easy. The latest version from Comex entails you going to a website on your iOS device, hitting a button, and waiting five minutes. Just open Safari and go to JailbreakMe.com, slide the slider, and boom, you're there.
You should know that jailbreaking with this current version will make MMS and FaceTime inoperable on your device. Also, it'll void your warranty, but apparently un-jailbreaking is as easy as doing a software restore.
What have I done so far? Not much--I have a lot to learn. For starters, I've loaded a theme that has removed the labels from my icons, as you can see above. It's a start. Once I get the hang of this, I'll keep you informed of my experiences as jailbreakee.
Have you taken the plunge?
Update: Wow, the wonders of jailbreaking! Here's what I've done in the last hour.
Expanded the four icon dock on the iPhone to five. Also, grabbed MyWi which allow you to do WiFi tethering.
Used IntelliScreen to add some very useful widgets to my lock screen: new email messages, and weather.