Yes. The "Waiting for reboot" screen was killing me too. I have a 2g iPhone. Running redsn0w 0.8 on my Power PC iBook. I got stuck at "waiting for reboot", but it did say, at first, that it was jailbreaking. But then it would get suck at "waiting for reboot". What I FINALLY found out was all I need to do was just unplug the cable from the phone and then plug it back in. Right after that, the phone screen turned white and everything continued as it should!
Hope this helps!