Breaking: iPhone 100% Unlocked Using Turbo SIM Card

From Gizmodo - Now you can 100%-unlock the iPhone using a Turbo SIM card, without depending on the version of your current carrier card. The SIM card will give you full calling, SMS and GPRS data capabilities with any network. You won't need extra hardware, since it only requires you to modify the $80 blank SIM using your own iPhone.

The hackers are claiming that this method doesn't use card readers and it doesn't depend on your previous card version either, so it doesn't matter if it is a V1, V2 or V3. All of them will work fine. While the Turbo SIM-based method is not software-only, it seems simple and cheap enough for anyone to follow.