The iPhone Dev Team have released version 2.0.1 of their infamous Pwnage Tool, which can now activate and jailbreak a 3G iPhone. Unfortunately, unlocking the phone for use with another SIM card is still a work-in-progress.
With the first 3G-supporting Pwnage Tool 2.0 released just yesterday, 2.0.1 adds fixes to a number of issues that were stopping many people from successfully "pwning" their phones.
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With launch issues sorted, and the applications you've already bought from the App Store reported to play nice alongside their unofficial brethren, there's now no reason not to give it a shot.
PwnageTool 2.0.1 [blog.iphone-dev.org]