Dude, we just tried it and it worked

sweet.
Guy at work just bought a new iPhone and it was 1.1.2. We bought the phone right down to 1.0.2 (software, firmware, modem baseband etc). we had to use iEraser/Putty and all that stuff to do this. Modem firmware was being reported as: 03.14.08_G. Phone worked fine when jail broken (AT&T SIM).
Then we used iTunes and bought the phone up to 1.1.1. The modem firmware was now reporting as: 04.01.13_G. We jail broke the phone and it worked fine with an AT&T SIM.
We then ran your instructions and we now have a fully unlocked 1.1.2 iPhone. Modem firmware is being reported as: 04.02.13_G.
We have a Virgin UK SIM in the iPhone and it is currently connected to T-Mobile.
You da man!!
Originally Posted by wildonrio
Back to 1.0.2 from 1.1.2 out of box? If so, then no. The bootloader is a new version in 1.1.2 OOB which prevents unlocking until the dev team finds an exploit.