A lot of the jailbreak dev scene is about waiting. Waiting for Apple to break a previous exploit with a new patch. Waiting to deploy a new exploit that Apple hasn’t even caught wind of yet.
No one’s better at this sly waiting game than the iPhone Dev Team, who have just let everyone know that yes, they’re working on a jailbreaking tool for iOS 4.2.5 (as seen on the Verizon iPhone) and iOS 4.3.
But don’t expect anything while iOS 4.3 is in beta: tipping the community’s hand about what exploits they’ve found before Apple’s finalized the update would be just stupid.
Anyway, according to Dev Team member MuscleNerd‘s Twitter account, It’s silly to release anything during Apple betas… [because] most people can’t take advantage.”
In short, yes, a jailbreak is coming, even for Verizon iPhones… but only start holding your breath once the Verizon iPhone is officially released.