Before you read any further please note that this is information is intended for both European and North America iPhones running firmware 1.1.2 OTB *out of the box* which have the latest bootloader 4.6.  If you are not sure if this applies to you please verify your baseband/bootloader/firmware first.  Here is a link to instructions on doing so as well as a screen shot of the process being done on my iPhone. http://forum.xda-developers.com/showthread.php?p=1712023

Iphone 1.1.2 OTB can be unlocked? Yes, it is true and actually very simple.  After buying a week 48 iPhone and visiting the various forum websites (most notably hackint0sh.com) I read quite a few excellent posts on unlocking solutions (hardware unlocking solutions for the iPhone 1.1.2) for the iPhone 1.1.2 OTB (Out of the Box).  Now currently if you buy an iPhone there is no version of AnySIM or software method available to the public (there was some belgium guy who had a headshop and claimed to do it).  Your options are rather simple you can either bypass the activation of the iPhone by doing a restore and reverting to firmware 1.1.2 and then jailbreaking the iPhone 1.1.2 or you can take it a step further and after completing the bypass activation and jailbreak you can purchase a hardware unlocking solution.  For the purpose of my trials I used the StealthSIM which is available at http://www.iphonestealth.ca/product_iphonestealth.htm. 

If you currently have an iPhone 1.1.2 OTB with Bootloader_Version: 4.6_M3S2 and firmware 1.1.2 OTB here are your instructions for bypassing activation, downgrading to 1.1.1, performing the activation bypass, jailbreaking, upgrading back to 1.1.2 and jailbreaking the device once more.  This leaves you with a 1.1.2 firmware activation bypassed/jailbroken phone able to use any AT&T Sim card or prepaid AT&T sim card *or respective carrier if purchased in Europe*.

http://hackint0sh.org/forum/showthread.php?t=15849

Okay one worthwhile note to mention at this point is that once you upgrade back to the 1.1.2 firmware if you are stuck remember to disable iTunes before using iBrickr *for the pc* and choose the option in iBrickr to reboot your iPhone.  Some people get stuck at this point and can’t get their iPhone back up and rebooted.

Once these steps are accomplished you have an iPhone 1.1.2 OTB that is ready to be unlocked via StealthSIM.  I know a lot of people are looking for TurboSIMs on ebay so I will make a note and here is a post which gives you the step by step for setting up TurboSIM.  http://iphone.simbunch.com/turbosim.php?type=applesaft

Unlike TurboSIM, StealthSIM requires nothing more than cutting out the top left corner of your sim card, sliding StealthSIM ontop, inserting the SIM card with StealthSIM attached back into the SIM card slot of the iPhone and waiting about 10 seconds.  Here is a nice video clip of the process being done and verified. http://www.youtube.com/watch?v=H6L1NMXDkH0

Here is a link to my Photo Gallery if you want to review the pictures in this post

My iPhone 1.1.2 OTB Unlocking Photos