It seems as though the latest iPhone update has brought not only relocked phones, but also some bricks as well.
As for unlocked iPhones, you should probably hold off for the time being. The most serious problems we're hearing so far relate to iPhone Dev Team's anySIM unlock, which has left some iPhones "bricked" with an "Incorrect SIM" error message (seen above). That's not to say a workaround won't be found in the future, but for now anySIM users should certainly stay away from 1.1.1. SuperSIM and TurboSIM users are also advised not to update, but we have less solid info about that.