Confirmed. It works. I'm back in business.
The only thing I'm going to miss is the bluetooth headset battery indicator.
Here's what I did:
1. Plug iPhone in and sync iPhone, then close iTunes
2. Hold the Home button and power button until the screen goes black (around 8 seconds for me), release the power button but keep holding the home button.
3. iTunes will reopen when it detects the iPhone in recovery mode.
4. Holding ALT (on Mac, dunno in Windows) click Restore and choose the 1.0.2 firmware in ~/Library/iTunes/iPhone updates
5. It will restore, and throw an error message when it's done. Unplug your iPhone and close iTunes.
6. Download AppTapp 3.1 installer and run it, plug your iPhone in. It will not work, but it will take the iPhone out of recovery mode.
7. Open iTunes and sync your phone from the backup created in step 1.
Some notes:
The reports of wifi not working are wrong, mine works fine.
When I go to Settings -> General -> About it says my modem firmware is 04.01.13_G and that my "Version" is 1.0.2 (1C28)
This works, believe it. I did it, you can to.