It’s a Quickpwn, meaning they’ve taken a lot of the cludge out of the process to speed things up. However, it also means that it won’t update (or unlock) your iPhone/iTouch – just jailbreak it. It’s up to you to update your handset via iTunes before “pwning” it. It’s Windows only for now, but an OS X version is on the way.
All the normal disclaimers of course: stuff like this goes awry some times, so be careful and don’t cry to us if your iPhone bursts into flames.