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So I've got a JB'd iphone 4 with S/W version 4.3.3 and BB 04.10.01. From what I read, the carrier unlock ultrasn0w 1.3 will unlock this phone when it is released. which is rumoured for today. Do I have all this info correct?

http://www.ultrasn0w.ca/2011/03/ultrasn0w-13-possibly-coming-on-march.html

NO. Only the 1.59.00 bb can be unlocked right now and the link in your post says March 11th, not May 11th. I haven't heard anything definitive on any of the newer basebands being unlocked.
 
Nope. The updated ultrasn0w merely makes the old basebands work better with 4.3.3.
 
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