Right now, the latest version of Apple's mobile operating system is iOS 4.2.1. We have already learned that iOS 4.3 is on the way, and has just stepped into beta. That means it's somewhat functional at this point. At least functional enough so that developers can test it out.
However, we haven't yet seen an untethered jailbreak for version 4.2.1 (How to JB iPhone 4.2 and How to JB iPad 4.2) in the newer devices. Yeah, the iPhone 3G and some of the older iPhone 3GS models can run the jb untethered. Those on an iPad, newer iPod Touch or newer 3GS and iPhone 4 will have to physically plug their phone in any time they shut it down. Given, that doesn't happen often, but it can be a HUGE problem if your iPhone battery dies on you, or you have to reboot, and you don't have a computer nearby.
We are wondering how long it will take to successfully jailbreak iOS 4.3 and what holes Apple may have been able to plug when they issue the update. Where there's a will there's a way, and there is definitely a lot of will to go around in the iPhone hacking community. The question is how long will a great hack take?