As expected Apple updated the iPhone / iPod touch firmware at its annual music event. This saw some cool new features like a genius for apps going live. Interestingly Apple has released firmware version 3.1.1 for iPod touch and 3.1 for iPhones. However with MMS service going live for the 3G and 3GS by AT&T in US on 25/9, OS 3.1.1 for the iPhone would certainly show up. This probably adds more challenges to the dev team. Apple has updated the baseband version in its 3.1 release and currently there are no tools officially out to unlock or jailbreak the same.
However, there has been some buzz on a jailbreak / unlock tool being in works, and if you really need all those Cydia applications and unlocking, you should probably wait for the updated pwnage tool. I would guess that the dev team would wait till 25th Sept and see through firmware version 3.1.1. For the iPhone before releasing any updated version of redsn0w and ultrasn0w.
Update: Here is the unlock / jailbreak for iPhone 2G / 3G and iPod touch running firmware 3.1 / 3.1.1