Only the nerdiest of iPhone owners are likely to get excited about this news per se, but it definitely points to interesting times ahead for the handset.
So far, so good, but the downside is that this is really just the first step. There are no Linux drivers yet for the actual phone side of things, sound or Wi-Fi, nor does the touchscreen work yet.
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In other words, you're not going to be able to do anything much with your Linux iPhone yet.
However, if the comments on the community website are anything to go by, it can't be long before those wrinkles are all ironed out and the hackers move on to the next project. Android, anyone?