But the news is not as good as you might be expecting. The hack does really unbrick your iPhone and get the 3rd party application back in game, however, unlocked phones still can't call.
Basically, the process of unbricking your iPhone is to downgrade the firmware from version 1.1.1 to 1.0.2. Well, if you have ever had PSP then you might know this process. The same has started for iPhone.
Detailed instructions and video can be seen on Gizmodo.
I believe hackers are working hard to get dialing function back as well. After all iPhone is a phone, isn't it?