The unlock is said to be two days away as the Dev Team finalize some beta testing on it so you may want to hold out on updating if you rely on a carrier unlock to your iPhone.
Some known issues with the jailbreak so far include FaceTime not working though suarik, another iPhone hacker seems to have found a work around this. Second, MMS also seems to be faulty at the moment and a patch is said to be in the works. Thirdly it doesn’t seem to support the new iPad 3.2 update from Apple.
For those of you who want to jailbreak your devices, full instructions are over at The Dev-Team’s website. You must be warned though that the servers are a bit unresponsive due to the heavy load on them so you may want to hold out before you check it out. Managed to get my iPod Touch on iOS 4.0 jailbroken with out any issues so id give this a pass.
All hail the Dev-Team!