As the most recent news about the iPhone, there is a website that has a detail tutorial on how to unlock the iPhone by doing hardware modification. I'm not sure if this is going to work (and we are not advertising or encouraging any modification). The website shows a detail procedure on how you going to modify the iPhone manual. It is going to be interesting to look at. But, keep it in mind, unlocking the iPhone may cause you a lot of trouble, including your $499 worth of iPhone and possibility of some legal issues.
Link to iPhone modification: Click here
Disclaimer: MyMobile911 is not advertising or encouraging any modification of any Phones including iPhone.