TechCrunch has put together a really great post covering the current iOS jailbreak scene, along with a bit of history behind the quest to find exploits in Apple's devices. For iPhone 5 owners, the piece contains some news that should be very welcome indeed: a working untethered jailbreak for the device exists, even if its creators aren't quite ready to release it to the public.
The jailbreak team has evidently uncovered a significant bug that can be used to enable the jailbreak, but is holding off on showing its hand until it can find another to take its place after Apple squashes it. Apparently, the team is willing to "burn" the current bug and release the jailbreak if a replacement isn't found, but not quite yet. As for a timeframe, the group hopes to have something ready before this year's hardware revision hits.
Beyond the upcoming exploit, TechCrunch's piece looks at the current state of the iOS jailbreak scene, even asking if there's really as much demand for jailbreaks on Apple's devices anymore. According to the article, the number of people running Cydia remains pretty massive, so we doubt the demand for jailbreaking new devices is ever going to subside entirely -- plus, hackers are always going to be looking for a new challenge.