How close are the iPhone hacks?

According to the wisdom of the PPX, pretty close—though there may be signs of doubt. The prop had steadily climbed to 74.25 yesterday before taking a slight downturn. Apparently the doubters didn't see this post over at Hackszine on the state of the hacks. It appears the phone's firmware is now in the wild—an crucial first step to reverse engineering. That said, it is by no means a skeleton key. It could still take years to crack the code and open it to third-party apps or even (gasp!) other OSes. JavaScript hacks seem to be progressing better, but that's not going to make anybody any dough here.

My advice: Buy.

Why? I think some sympathetic Apple employee will leak the encryption key to the hackers and the doors to the kingdom will fly open. When it happens, you'll hear about it on the IRC chat room #iphone on irc.osx86.hu first. If that's all a jumble to you, just keep an eye on the PopSci DIY blog—trust me, we'll be screaming from the rafters as soon as it happens.—Mike Haney

(Note of disclosure: My advice is based on nothing more than my barely informed speculation. I have no personal stake in this proposition.)