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Update:

I used redsn0w to jailbreak and it worked pretty well. The first run through the program stopped responding though, but the phone is operating correctly as far as I can tell thus far.

I used ultrasn0w to unlock and it worked like a charm. As soon as I rebooted after installation I put my sim card in for t-mobile and it immediately recognized the service provider and allowed me to make calls, send text messages and access the internet.

Thanks for all your help man. I was in the dump about this purchase a number of hours ago and now I'm totally excited. I just have to force myself not to stay up any longer exploring the phone and get some sleep, that will be the hard part. :D
 
What are the must have applications/repositories from/for Cydia?
 
Most of the good ones havent been updated to work with 4.0 yet. Give it some time.

I would have to disagree. Many of the best apps have already been updated or already work: SBSettings, 3G Unrestrictor, Five Icon Dock, iFile, OpenSSH, Cyntact, Music Controls, PkgBackup, ultrasn0w, etc. More info on compatibility here. I've even heard that backgrounder works, if you have a use for it.
 
Thanks for the replies concerning apps. I'll look into the ones listed. I'm pretty minimalist so I've only added a couple thusfar. I did notice on Sbsettings that I had the ability to turn off the edge network if I chose to do so. In theory would I need the edge network to be activated to send text messages? I really doubt I would, but I just figured I should throw this out there just in-case I ever turned it off (like next month or the month after).
 
I would have to disagree. Many of the best apps have already been updated or already work: SBSettings, 3G Unrestrictor, Five Icon Dock, iFile, OpenSSH, Cyntact, Music Controls, PkgBackup, ultrasn0w, etc. More info on compatibility here. I've even heard that backgrounder works, if you have a use for it.

Wow, that many already.
I gotta keep checking that site.
All I gotto wait for now is backgrounder,iBlacklist, MyWi, Quickreply for SMS, Yourtube and voicemail forwarder.

I did notice on Sbsettings that I had the ability to remove the edge network if I chose to do so. In theory would I need the edge network to be activated to send text messages? I really doubt I would, but I just figured I should throw this out there just in-case I ever turned it off (like next month or the month after).

You can send texts without edge on GPRS also.
But good idea would be to keep it on.
 
I have a question if you guys don't mind?

I have a 3g 3.1.3 and would like to erase (to sell) and jb/unlock. How do I erase it and keep 3.1.3? I think it might sell for more without 4.0 because the 3g has so many limitations with it.

Thanks for any help!
 
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