According to TUAW:
● Third Party apps run. Kind of. We probably have to recompile many of them for the new frameworks because many of them crash.
● Springboard no longer recognizes DisplayOrder.plist. And the list of "whitelisted" apps (that is, the official Applications including Safari, Photos, Calendar, etc) seems to be hard-coded into Springboard.app
● The iPhone has been activated via third-party workarounds.
● The 1.1.1 binaries barely work with 1.0.2 -- at least not well enough to run the music store without major hacking.
● The Mobile Terminal App works on 1.1.1.
● The entire bsd suite still works -- as do standard command-line utilities compiled for ARM.
● 1.1.1 references both com.apple.mobile.radio and com.apple.mobile.nike.
● The jailbreak method is nowhere near ready for prime time. So please be patient.