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Will be interesting to see if Apple embraces this breakthrough or clamps-down with a software update to prevent hacking the iPhone to allow third-party apps.
I believe you still need to open the iPhone and attack it with a soldering-iron to do this, though.
In other news, the iPhone root password (the same on all iPhones - a brilliant design!) was hacked a while back. Presumably, this would be needed to install this app?