We all knew it was just a matter of time…the hackmasters behind the iPhone Dev Team have been hard at work since the day the iPhone 3G was released to unshackle it from the carrier constraints of AT&T. Now it looks like a successful hack is finally complete, with a promise of a free unlocking program available to the masses by December 31.

Apparently the hack will only work on jailbroken phones with firmware 2.11 and below. Just a word of warning to jailbreakers: Dev Team is recommending that people only use PwnageTool to jailbreak, not QuickPwn, or else the unlock might not work.

I don’t have any reason to unlock my iPhone 3G, but I know a lot of people are thrilled that the day is finally at hand. It’s so difficult to get your hands on an iPhone and NOT be tied into an AT&T contract that I imagine most of the unlockers will be using their phone internationally.

Are you going to unlock your iPhone? Do you have it jailbroken? Talk back in the comments.