People have been shocked that their iPhone can be destroyed by a simple website. http://jailbreakme.com used a small exploit found in the Safari app, (The TIFF Exploit in firmware 1.1.1) which jailbroke the iPhone/iPod touch via some code and a security flaw that the iPhone/iPod touch had in firmware 1.1.1. This was a good thing, that is, if you agree with jailbreaking. (I do!)
Now, a team of researchers have found a huge flaw in the Safari application. Apparently, in firmware 1.1.4 or older, a DoS style attack can render your iPhone or iPod touch’s Safari useless. Now, we cannot confirm that it will permanently brick your device at this time, but it can do some serious damage.
Also, a malicious code can be written in Java, and that can also do the same amount of damage. Apple will most likely fix this by the time firmware 2.0 rolls around. Maybe even in firmware 2.0 (beta 4). Remember that the current 2.0 firmware, (iPhone OS 2 beta 3) will expire on Thursday May 15, 2008 at 07:00:00 UTC. This should give Apple enough time to fix the problems and to add more features!