updated 01:05 pm EDT, Sat July 16, 2011
iPhone Dev Team already past iOS 4.3.4
The iPhone Dev Team has already updated its redsn0w beta jailbreak to get around the security patch in iOS 4.3.4. Beta 3 allows a tethered jailbreak from Macs and Windows PCs for every device that can run the OS outside of the iPad 2. Team members are advising most to cling to 4.3.3 or 4.2.9 if they want to use JailbreakMe or other wireless cracks.
No signs have been given as to what led to the hack coming within a day, though it's clear that the Dev Team either already knew of or quickly found another security exploit. The JailbreakMe hack relied on a vulnerability in PDF handling.
As with most such hacks, the jailbreak voids the warranty as long as it's active and potentially leaves the device more vulnerable. Any future updates, such as to iOS 5, are also likely to break any currently installed jailbreaks. The Dev Team already has its techniques working on iOS 5 beta 3, though, and should let most users upgrade again once the final iOS 5 release is available.