I’ve tried it on my iPhone 4 running iOS4.1 and it absolutely worked. The security hole lets you or anyone access your contacts of a password protected iPhone. Worst thing is no skills in hacking is required, no sshing nothing of the sort. On a password protected iPhone tap the emergency button then tap ###, tap the call button and immediately hit the lock button (power button at the top). This will allow anyone to see your numbers email any contact and even edit them. Apple need to get to work. What the hell is the point of a passcode if there is a way round it.
Check out the security hole in the video below.