Yeah, you are out of luck.
Apple updated the boot code, so there is no booting the new iphone without blackra1n taking you through the booting process.
Let's see, if the wizards find anyother solution. Some day or other.

Exactly. So this is not really a way to go.
Never heard the term "tethered jailbreak" before, but google helped me with that :-)
Cr*p. Looks like I am doomed ...
Well, let's hope the Apple guys aren't so hot after all...

Serial goes like 859417...

Quite strange:
I used blackra1n RC 3 to break my brand new 3GS/32. So far so good. After rebooting I got stuck in that boot loop. But even iRecovery would not help. I got to the console and entered the commands, but after a reboot the darn thing would just sit there again, as if nothing had happened.
I can use blackra1n to get the phone going, but whenever i reboot, i am stuck again, until i use blackra1n.
I restored to an original 3.1.2 and everything is fine, until blackra1n is used. Then I have the same thing again.
blackra1n obvoiusly patches the phone, reboots, says something about "running...", reboots and after that the phone is usable again, but blackra1n would just sit there and wait for another reboot.
All I wanted is to get the tethering going, but I cannot get it to work, too.
I assume it is something with the boot loader, as it seems to be a new version (something in the six hundreds, but I forgot to take a dump while in iRecover).
At the moment, I seem to have to wait for RC4 before I start JB again... :-(