iPhone 4S can reportedly be unlocked without any hardware or software changes
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Insert original carrier AT&T SIM card
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Dial 611 for AT&T customer service hotline and drop the call
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Turn on Airplane Mode
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Take out AT&T SIM card
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Insert T-Mobile SIM card
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Update: the unlock also works with the iPhone 3GS and iPhone 4, and will need to be done again if you reset your device. Continue after the break..