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Well, this didn't take long. A admin by the name of LeshaK just announced that he had rooted Galaxy S, after playing with the open source code released by Samsung earlier:

Now we have
1. Full Root access from adb
2. Root in terminal via 'su'

More detailed instructions are posted in the thread.

While I haven't seen anyone verify LeshaK's statement yet, if true, this is going to make the upcoming Galaxy S series phones twice as delicious - perhaps somebody will come up with a Froyo ROM before they are even released here in the US (Galaxy S is out in Europe).

For the latest root status, check the forum link and these threads on other sites that sprung up in response:

Samsung Galaxy S Already Rooted! Samsung Galaxy S Already Rooted!

Thanks, PaulOBrien.