New iPhone downgrade problems

I put the iPhone in restore mode however when I load itunes and try a downgrade from 1.1.2 to 1.1.1 or even 1.0.2 firmware. It starts the process but I get stuck at "Waiting for iPhone" in iTunes and I get a little spinning wheel on the iPhone. I let it sit for over 30 minutes each time but it never gets past that point.

Any ideas?

Edit: This is a stock iTunes activated AT&T 1.1.2 OTB iPhone. I am running the current iTunes version and I am on a PPC Mac. I hope this extra info helps.

 

I have another Mac with an older version of iTunes that I will try tonight, but I don't hold out much hope.

 

Edit - iTunes 7.4.2 version recommended[/QUOTE]

It was the older iTunes that did the trick. I'm JailBroken and all seems well.