It took me the better part of a full day, lots of google hits, lots of options, lots of everything.
First, make sure you got the proper files [# openssl sha1 'filename']:
iPhone1,1_3.0_7A341_Restore.ipsw SHA1 2afd3f8ede17390737f508473ed205506a0bd23f
bl39.bin SHA1 8ec565fe026d3f642dbe836c0fdc80f06844603b
bl46.bin SHA1 fd4825ffe5727dcc30e4c70dc78908838d498822
[not too many people care about these it seems...]
And the real solution was simpler then anything: While redsn0w shows the dreaded "waiting for reboot" screen, just unplug the USB cable and replug it. done. all fine. iPhone unlocked and updated to version 3.0.1
Thanks to iLeoMarc on the macrumurs forums.
