Did anybody hear about jailbreakme before this announcement?? I mean, we hear all about geohot when he says the word "jailbreak" and nobody (meaning the tech press) saw this super easy, extremely accessible, fast, computer-free (not even a phone restart!!) hack come? Call me skeptic but there are good reasons to be.

It uses a PDF exploit. It is currently breaking facetime and mms for many people. I suggest waiting until the kinks are worked out.

It can't be that easy. Did that really just work?

Yes, I tried it on my iPhone 4. It even installs Cydia and doesn't require a reboot.