I guess it's now more than official: CNN has confirmed that the guys at iPhoneSIMfree have developed software that unlocks the iPhone. Not only that, but the developers at iPhoneSIMfree have released a FAQ for their highly anticipated unlock solution. How long until we can get our hands on it?Here is a look at how CNN confirmed that the unlocking software actually works:

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Los Angeles software consultant Brett Schulte, who isn't affiliated with the developers, demonstrated the software for CNN Friday evening.

An iPhone that had the new software appeared to work on the T-Mobile system just seconds after Schulte replaced the AT&T SIM card with a T-Mobile SIM card.

"It's completely software hacked," Schulte said. "There's no case opening required. It's not required to do any kind of disassembly." It took Schulte about two minutes to unlock the iPhone.

So the software hack works and it does not require any physical alteration to the iPhone hardware aside from changing the SIM card.

Engadget, the blog that first substantiated the story, spoke with Schulte, the consultant at CNN:

We followed up with Brett, a consultant with CNN, and he confirmed the iPhoneSIMfree unlocked his iPhone as well -- we also really wanted to ask about getting in touch with Ted Turner for a summer internship, but we got the vibe that it'd be a no-go. Now, if only iPhoneSIMfree would release that product of theirs to the public -- perhaps that might land alongside the CNN story they're gunning for?

Despite the confirmation, iPhoneSIMfree has yet to say exactly when anyone will actually be able to buy the software. According to CNN, they only acquired the address iPhoneSIMfree.com a few weeks ago.

The site, however, does now offer a FAQ. According to the document, the developers "are hoping to release in the next 48 to 72 hours." Here is a look at some more juicy tidbits from the FAQ:

1. Would all the same features still work?

Yes. Except for Visual Voice mail (which is an exclusive AT&T feature), all features currently available on locked phones will be available on unlocked phones. *

2. Is it resistant to updates?

While we have taken all possible measures to ensure that the phone will remain unlocked, we can only guarantee the current released versions of updates (up to and including 1.0.2). With any of these versions, even if the phone is fully restored, the phone will remain unlocked.

3. If I restore my phone will the software still work?

Yes (confirmed up to version 1.02)

4. Is it completely unlocked for voice and data use with any alternative carrier?

We have tested both voice and data extensively in multiple countries, using various different carriers, and have found no problems. **

5. Do you still need itunes to activate the phone?

Activating your phone with itunes is not the only method available for activation. In order to use our software you will need to activate your phone through the means of your choice (see question 11)

6. Will the unlock work on phones that have been activated?

Yes, an activated phone is required for our software to work. (see question 5 above)

7. Can I unlock it before the AT&T registration process?

Yes

8. Does it work with 1.02 update?

Yes

Caveat Emptor: While the developers remain confident in their solution, there will be no money back guarantee for those who actually buy it and use it on their iPhones.

I can only imagine that lawyers at both Apple and AT&T are working overdrive this Labor Day weekend preparing for the appearance of this software.