My iPhone 3G is now updated to iOS 4.1 and it runs better instead of the sloth-like slowness of 4.0.1 that bogged it down.
And thanks to the Dev-Team redsn0w worked great to Jailbreak it. Don’t try this at home kids and don’t try it on any other device or iOS than what the instructions say or you may be very sorry. And don’t use this if you need unlock to use your iPhone on another carrier or non-iPhone SIM chip. Also redsn0w only runs on Mac OSX.
For those on other iPhone/iPod Touch devices with iOS 4.0.2 or 4.1 you’re going to have to wait a bit as the Dev-Team drops the new Jailbreak.