1. Would all the same features still work?

Yes. Except for Visual Voice mail (which is an exclusive AT&T feature), all features currently available on locked phones are available on unlocked phones (Youtube may require some specific activation).

2. Is it resistant to updates?

While we have taken all possible measures to ensure that the phone will remain unlocked, we can only guarantee the current released versions of updates (up to and including 1.0.2). With any of these versions, even if the phone is fully restored, the phone will remain unlocked.
If an update is required, we will offer it for free IF we are able to provide it.

3. If I restore my phone will the software still work?

Yes (confirmed up to version 1.02)

4. Is it completely unlocked for voice and data use with any alternative carrier?

5. Do you still need itunes to activate the phone?

Activating your phone with itunes is not the only method available for activation. In order to use our software you will need to activate your phone through the means of your choice (see question 11)

6. Will the unlock work on phones that have been activated?

Yes, an activated phone is required for our software to work. (see question 5 above)

7. Can I unlock it before the AT&T registration process?

Yes

8. Does it work with 1.02 update?

Yes

9. Will it work on my network?

If your network supports a standard GSM sim, it will.

10. What is the process the end user will go through?

    1) replacing the sim card + activating the phone with the new card
    2) installing our simfree.app on the phone
    3) setting up wifi connection and ensuring a good internet connection
    4) executing the simfree.app
Please note that on subsequent change of sim card the phone will need to be activated. The phone remains unlocked for any sim card but will need to be activated to pair the sim with the OS.

11. Is it easy to install?

Unlike other methods currently available, our software is by far the simplest and quickest to install and set up.

12. How many iphones can I unlock with one license?

One

13. When can I get it?

You can now from any of our resellers

14. How much is it?

Retail price depends on countries and also if your reseller will install it on your phone or just provide the unlocking service via an online shop.

15. Do you offer 100% money back guarantee if the software does not work?

The unlock WILL work. We cannot offer any guarantee should Apple Inc. choose to re-lock the phone after a future update.

16. Do you have a video demonstrating the process?

Here is one from independent website Gizmodo:
Click here to view the video