Cybersecurity researchers Charlie Miller and Collin Mulliner discovered how to completely hijack any iPhone via SMS. Tomorrow (Thursday) they plan on publicize and reveal the vulnerability at the Black Hat cybersecurity conference in Las Vegas. They will be demonstrating how to send a series of SMS burst to the iPhone which will allow them to take complete control of EVERYTHNIG on the device and then propagate the attack by sending more SMS messages via the hijacked iPhone. According to Miller
Since Apple has yet to address this iPhone vulnerability even though Miller and Mulliner notified Apple over a month ago. Miller suggests that if you receive a text message on your iPhone any time after Thursday afternoon containing only a single square character you should turn the device off immediately.

This vulnerability should be heeded and patched by Apple asap (3.1 firmware anyone?). Miller knows his stuff, he was the first one to remotely hjack the iPhone in 2007 via the former bug in iPhone Safari -- old skool, as in jailbreakme.com old skool

via forbes thx steven and jcrod73 for the tip