“Yes, this is what you’ve all been waiting for. A jailbreak for the iPhone 3GS. And it’s awesome. To get started right now, go to purplera1n.com. Download it. Make sure you have windows(but not 7), the latest iTunes installed, and an iPhone 3GS with 3.0 firmware. Connect your iPhone normally. Click “make it ra1n”. Wait. On bootup, run Freeze, the purplera1n installer app. Hopefully you’ll figure out what to do from there. Best tutorial gets linked to from purplera1n site. This tool is beta. Make sure to have everything backed up before running. Also if Cydia doesn’t show up after running Freeze, reboot.”
To me the jailbreak is not attractive right now (happy with what the 3GS does out of the box, thank you very much), but I’m sure some of you will appreciate George’s work.
Looks like the unlock is not too far away, either, so if you need that, you might want to hold off with any formware upgrades.