It turns out that the jailbreaking community has another jailbreak process in the works and have gotten it to work. The only problem is that it takes a lot more effort than most will be willing to take. Read the full story here.
The only problem with the whole jailbreaking effort now is that if you have the latest software upgrade 1.1.3 then there is not a way for you to jailbreak it yet. This is not a problem if you kept the iPhone on the old version 1.1.2, but now there is no going back. Good news though, Apple is releasing the dev kit to all of the software developers soon. This means third party software that will not be booted by Apple constantly.
I am excited to see what all of the developers can come up with if they have the tools and access they need to tap into the power of the iPhone. Stay tuned for updates on the third party software coming out.