This new one-touch jailbreak opens your iPhone for full disk access and installs Installer.app so you can add pretty much any third party application you like. All you have to do is navigate from your iPhone or iPod touch to the page, read the directions, scroll down, and tap the button. Wait until the "slide-to-unlock" screen appears (30 secs)
Slightly more than a month from device going on sale to complete one-tap break. It probably would have taken a little longer if Apple hadn't made every program on the thing run as root. ;]
Looks like it's time to fire up ye old uTorrent again and get a DRM-stripped copy of Leopard that I can install under VMWare on my laptop, and start learning Objective-C. Can't wait to start making my own programs for the Touch.
Incidentally, some of these newer jailbreaks actually fix the Safari TIFF exploit so you don't have to worry about being 0wned again.