Saurik, of Cydia fame, has demonstrated the jailbreak app store running on an iPhone 4, so hopefully a jailbreak for Apple’s latest smartphone will be released soon. Now that the DMCA has been amended to permit jailbreaking legally, there shouldn’t be much in the way of the law stopping users who felt compelled to resist the urge due to legal or moral reasons. However, if something goes wrong, it is still unclear if Apple will still honor your warranty.
Unlike the teased Geohot jailbreak for iPhone 4, Saurik’s jailbreak is real and was demoed on video.
A jailbroken iPhone can add apps and functionality beyond what is envisioned by Apple, including applications that may have been initially rejected or would not be approved for the official App Store. These tweaks, modifications, and added features will make the iPhone more usable from a power user perspective.
iPhone 3GS won't be upgraded to iOS 5.x, says Eldar Murtazin
Your Apple device knows where you've been, and keeps a log
iOS Outreaches Android by 59% says Comscore
iPhone 5 is dual GSM+CDMA, looks like an iPhone 4