Nate True has recently released a semi working Jailbreak for iPhone running 1.1.3 but we are issuing a word of caution for those thinking of running this: don’t.

There are a lot of issues most of which can cause a lot of problems. iPhone Atlas reports most of them below.

The Google Maps “Locate Me” function will not work as well after applying this jailbreak. That’s because this method doesn’t upgrade the iPhone’s cell phone radio, meaning only Wi-Fi data will be used to estimate your current position.

iTunes Store previews don’t work with this method.

A variety of issues can cause you to have to restore your iPhone — over and over in some cases — in order to get this jailbreak to take.

Your iPhone may take a while (up to 4 minutes) to boot after applying the jailbreak.

The jailbreak currently doesn’t work on PowerPC-based Macs.

Developer Jonathan Zdziarski reports of another serious problem with the Jailbreaking method.

“It looks like Nate’s update causes Nikita to break (Nikita is the component on the iPhone/iTouch responsible for installing signed software, such as the iPod App Pack and likely SDK apps in the future),”

Alternatively, Nate True has posted a FAQ if you have any problems.