This whole thread is amusing. People here assume that Apple releases a product then stops touching it. Everyone cites the dev teams saying they've found "exploits" and can use them to jailbreak, and the same users turn a blind eye to the fact that there's a huge legitimate developer community out there designing apps who stumble across these "vulnerabilities" as they call them and report them to Apple. All this assumes, of course, that Apple's internal iOS security team who is also quite good and getting paid to discover "vulnerabilities" in the OS doesn't find them first.
While we all see patches get pushed right after an "exploit" is used to jailbreak, in most cases Apple already knows about it. Why would they patch one of likely dozens of vulnerabilities and create 5.0.1, 5.0.2, 5.0.8, 5.0.12 when that also comes with deployment, support, and logistical cost? If you think the 20 or so people on the dev teams are smarter than those at Apple, you really need to spend a day or two in Cupertino and see how things work.
There will always be exploits and always be those trying to find them, but the bottom line is Apple always knows about them before the dev team does, it's just the cat\mouse game of knowing if they've been discovered, and responding to it in order to stem negative PR it might bring them having a "vulnerable" operating system.
I'm not trying to downplay the work of the dev team, but the "save the exploit" doesn't hold up very well, as odds are Apple knows about the exploits and have already planned on patching them. It's not a get out of jail card without an expiration.
Sorry, just thought I'd tangent since there always is so much misinformation and uneducated responses in these types of threads.
Well said.
While Apple certainly does not catch all the exploits/bugs, many are revealed in just the manner you explained !