updated 10:34 pm EST, Sun February 3, 2013
Will work with all devices capable of running iOS 6
A jailbreak for iOS 6 including the latest release iOS 6.1 has been given a confirmed released date by the hacker team developing it. After hinting that the hack would be released to the public on Super Bowl Sunday, tweets from team members now say that it will actually be released on Monday. Reports from team members suggest that work is finished on the hack but that it was felt to be too late in the day for a release on Sunday, suggesting that the jailbreak could come early (by US time-zone standards) on Monday.
Jailbreaking is not illegal, and can be used to further customize iOS or to run apps that don't appear in the official App Store. Though the risk of malware is small, jailbreaking does rely on a security flaw in iOS to work, which can also be exploited to create security issues, and unofficial apps carry the risk of being scamware, malware or collecting personal information without the user's knowledge -- common issues with Android apps.
Jailbreaking can also be used to run pirated iOS apps, though the community generally frowns on the practice as the iOS ecosystem puts money directly into the hands of developers. Two of the largest pirate websites were recently shut down by their owners, probably under pressure from developers, authorities and Apple.
The jailbreak, when released, will require connecting the iDevice running iOS 6 or higher to a Mac or PC running at least OS X 10.5 or Windows XP (or Linux x86) using a USB cable. Backing up the device beforehand and disabling the security passcode (if used) are also recommended by the team. There is currently no word on a possible unofficial unlock for iOS 6 devices, potentially due to unauthorized unlocks now officially illegal in the United States.