iPhone Firmware 1.1.3 Jailbreak Complete, but don't get excited

It's been widely reported that a combination of efforts from the iPhone Dev Team and the Elite Team have led to a successfully jailbroken iPhone running 1.1.3. Third party applications were subsequently installed on the jailbroken iPhone and reportedly work fine. The video shown below demonstrates the jailbroken 1.1.3 iPhone with 3rd party applications. The video has been 'confirmed' to be