You have to hand it to hackers… As thanks to their hard work you can now run Android and the Android OS on your 2G iPhone. Expect the 3G version to be out soon, followed by the 3GS which apparently is a harder port. Basically the OpeniBoot loader comes up when you reboot the phone and If you hold the home button during the process, you get Android to run.
The pros are being the only person on the block with Android running on your iPhone as well as being able to run Flash on your Apple device. Cons are a lack of buttons and drivers. Planetbeing, the developer behind the hack which only runs on jailbroken iPhones says the implementation is alpha quality. Take a look at the video to see music playing, Skype calling and web surfing on the Android-based iPhone. The Linux on iPhone blog has more.