Google must have known this would happen. They gave out HTC Evo smartphones to every attendee at their 2010 Google I/O conference last week. Several of the nerdier attendees got right to work hacking the hell out of their new toys. A three person team (Grack.com) managed to root the device after a few hours.
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They have posted several photos and a video of the rooted gadget. They also note that this exploit does not work on the Incredible. Congratulations, bold nerds, you've conquered another smartphone and earned the Internet's accolades.