As Engadget have excitedly reported: "AT&T loses iPhone exclusivity". Witnessed first hand by the guys at the blog, the team have managed to work a full SIM unlock for Apple's iPhone.

Apparently the six-man team has been working "non-stop" since the device was launched back on 29th June and they're officially the first to break Apple's SIM locks on the iPhone.

Unlike other public spirited hackers who have managed work-arounds to get some limited functionality from the device without official AT&T activation these chaps will not be releasing the how-to for free.

They will "make a buck" from their solution which, as it will mean the iPhone is now fully functional for users outside of the US, as well as for those in the States that don't want an AT&T 2-year contract, should turn into much more than just a buck.

From Engagdet: "Again: we can confirm with 100% certainty that's software solution completely SIM unlocks the iPhone, is restore-resistant, and should make the iPhone fully functional for users outside of the US".

Apparently the process only took a couple of minutes and once the new SIM had been activated it was possible to go online and use the phone straight away.

The only difference appears to be that unlocked iPhones won't offer Visual Voicemail as this is an AT&T/Apple exclusive feature.

With images and videos to prove the story, it certainly appears that this is the unlock that the tech world has been waiting for.

However, pricing or details from have not yet been announced, and we would advise caution before (a) splashing out on an eBay iPhone, and (b) handing over any vast unlock fees.