A recent blog post by George Hoetz (GeoHotz) has put up an image of what can only be described as a new exploit.
This exploit is for the iPhone 3GS.
We can clearly see in the picture, that it is a modified version of iBoot. This means that he has somehow bypassed the sig check on the iBoot 596.24, which is the new one for the 3GS.
A website for the new project that he is working on is now live at http://purplera1n.com/
At the moment, only an image placeholder of what I can only assume is him leaning gracefully on a larger than life iPhone, whilst getting wet in purple rain.
Could this be the beginning of depicting the iPhone 3GS and giving the world a full jailbroken and unlocked version?