hello from newbie
actually, the iphone software should be covered by the digital millennium copyright act (it also covers software, not just dvd's), thus making it illegal to jailbreak and unlock:
http://thomas.loc.gov/
Check out this specific exemption that has been known about for awhile now.
Of course, hacking the software for other purposes is not expressly covered by these exception, and jailbreaking is certainly illegal under the DMCA.
For my own part, I am looking forward to the unlock. My brother lives in Europe, and I'm going to give him my old iPhone when I get my iPhone 3G. He said he would be OK with using it as an iPod Touch, but he wants to unlock it if possible. I have to say, why AT&T refuses to legitimately unlock my iPhone, which they didn't subsidize, when I filled my contract up to this point and will have changed phones under legitimate rules to a new iPhone 3G, making them even more money, is beyond me.
And that's why the DMCA legalizes cell phone unlocking--unexpected, mediocre consumer protection. So, Go iPhoneDevTeam.