Obviously, after knowing this, hopes of iPhone 4 owners would go high and they would anticipate the release of jailbreak as well as unlock solutions soon. The freshly announced iPhone 4 uses A4 System on Chip processor which is found in iPad and a different modem software than the one in earlier iPhone models. Hence, even if the jailbreak is out, an unlock that enables using any SIM module on the phone would take a while. Also, the iPhone 4 uses micro-SIM so till then, you can practice cutting regular SIM cards into micro-SIM.
Planetbeing is the same guy who had successfully ported Android OS on iPhone. As per iPhone hacker p0sixninja, the current jailbreak for iPhone 4 comes with Apple's proprietary code which needs to be cleared out and hence the jailbreak won't be released anytime soon.
It's quite a possibility that Apple might release iOS 4.0.1 update to tackle the recently reported reception issues.
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