So by now apple is probably shipping iPhones with the 1.1.1 firmware loaded on them. So is it possible to buy one of these 1.1.1 version iPhones and downgrade the firmware to 1.0.2?
correct, not possible. From previous research it will revert some back to whatever version but the firmware will remain. May be unstable, may not be...
Not a good idea to even try at this point. If your really into 3rd party stuff give it some time and it will most likely be sorted for 1.1.1
I heard that hackers are working on a program that will restore the iphone to the previous state before this latest update.
So all the briked iphone users gotta do is wait and it should be out soon.