Yes that is pretty sweet. I'm still waiting for Apple's first update before I resort to hacking my iPhone. Right now there is one massive problem with the iPhone I know I can fix by hacking, but I'm giving Apple the benefit of the doubt that they might fix it before I have to resort to hacking.
One step at the time. One of the sweet consequences of this breakthrough will be to install whatever you want on the iPhone. For me, the main consequence
will come when Apple releases their official "Terminal" widget, as they did with BootCamp release just after the intel-mac hacking contest.