I DO NOT TAKE CREDIT FOR THIS!
1. Attempt a restore of 2.2.1 in DFU Mode
2. Get the iTunes error message.
3. Reset device
4. Launch QuickPwn
5. Press next and get past the first 3 steps.
6. Bam, phone is fixed.
EDIT: It does work, just tried. iPhones baseband will still be updated but 2.2.1 works fine on it.
This may work on a PC.
IT WILL NOT WORK ON A MAC!
Quickpwn does not give the 15 second restart message, and the phone will not go into emergency call mode so you can activate.
There is yet to be a baseband downgrade for the 3.0 Beta Baseband for mac.
If I am wrong, I have not found it.
Any help would be appreciated. I have to go on a trip and would hate for the 3.0 upgrade to expire while 3k miles from my desktop.