So someone did what everyone's been waiting for a long time. Hackers in Europe have claimed to have unlocked iPhone by making use of a SIM reader/writer and a blank SIM card. And what they have is the iPhone making calls with full SMS capabilities on their home network. And the cost? $96!! How? Well you can read it on the hackintosh Forum.
This has been tested, and apparently a reader managed to unlock the phone successfully. I wonder how long before someone discovers a software-based unlocking mechanism.