freitasm: IF you think you've got all the 1337 hax0r skillz, then go and download the iPhone firmware and try hacking it. Only then come back and show me the money!
Interesting link. Cracking an AES encryped disk image might take a little bit of brute force ;-)
Probably have more luck with hardware debug methods (JTAG) on a running phone.
But raises an interesting point. With the open source hacks available for the ipod, apple tv etc, could there eventually be a open source firmware for the iPhone?
The ARM 11 core has an interesting operating mode (in addition to user and supervisor modes) called TrustZone:
I'd love to get one to pull apart :-)