Also, just like limera1n, it requires total physical control over the device to run the exploit. A complete, untethered jailbreak still requires additional kernel/userspace exploits, so I don't see it as a major security problem, but it does make the job of an evil maid a bit easier.
Just for nostalgia, here's the original release text of limera1n.
> limera1n, 6 months in the making
> iPhone 3GS, iPod Touch (3rd generation), iPad, iPhone 4, iPod Touch (4th generation)
> 4.0-4.1 and beyond+++
> limera1n is unpatchable
> untethered thanks to jailbreakme star comex
> brought to you by geohot
> hacktivates
> Mac coming in 7 years
> donations keep support alive
> zero pictures of my face