I spent about an hour tonight looking for information on unlocking an iPhone 2G with the new iPhone 3.0 (OS3) software - I couldn’t find much written in plain english that worked. So here is what I found.
Notice: This is only valid as of this date of posting, I haven’t checked any recent developments after today. Use at your own risk.
The pwnage tool which has worked in the past for iPhone Software 2.2.1 gives an error when restoring the custom IPSW bundle (Error 1600). Don’t worry, I didn’t see any indication of this being an irreversible problem.
WORKING SOLUTION:
1. Download redsn0w!
2. Install an unmodified version of the 3.0 IPSW from Apple through iTunes. Do this by option-clicking restore and selecting the appropriate IPSW. When downloading this make sure you disable Safari from trying to “open safe files” as it will uncompress the package.
3. Run redsn0w - make sure you check the “unlock” box so you can use the phone on another carrier. You will have to put your phone in recovery/DFU mode but the software will hold your hand through it. I had the tool crash on me the first time, just re-run the redsn0w application and hard-reboot the phone and get it back into DFU mode and you will be back in business.
4. Wait for all the software to load, run, and reboot your phone. When it is finished it will be running and unlocked.
I have tested this on two different iPhone 2G phones with a working tmobile SIM card, everything worked fine and was pretty quick. I hope someone finds this useful as it would have saved me some time.
Further notes: I do NOT know if this works on a 3G or 3GS, you are welcome to chime in on the comments, but don’t bother asking - I will update if I end up testing it. For any other questions hit the comments.

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