Geohot has put a video on YouTube where he shows he can unlock the newest baseband version: 05.11.07. The unlock software he is going to release eventually is going to be called Blacksn0w. The software will probably be available for download on November 4th.
The video doesn’t show much but is interesting nonetheless. The video shows the baseband of the iPhone first. The iPhone has no range. After several seconds Geohot does his magic and after a reboot of his iPhone the device suddenly has range, meaning Geohot is capable of unlocking the new baseband.