Many of you ask about the possibility of decoding the baseband 05.14.04/02.x (for iPhone 4) from iOS 4.1 and unfortunately I had no answer to your questions because no one had said anything official about it. But now we have one ad official from the Chronic Dev Team in which we are told that they are working on the development of the jailbreak solution and there is no time for a decoding solution now because all the attention is directed towards the jailbreak. So after the release of the SHAtter-based jailbreak solution, you will have to wait for a while until a new decoding solution is available.
Unfortunately, I don't know how long it will take until this decoding solution will be available, but I assume that they will release it only after iOS 4.2 because iOS 4.2 comes with a new baseband and there would be no point in "throwing" an exploit for iOS 4.1 . You cannot downgrade baseband in any way unless you have an iPhone 3G manufactured before September - October 2008, and if you have another terminal then you have to wait for the new decoding solution.
