The actual process of how this unlock is carried out is complicated and we are going to leave it to Vincent (maintainer of the Dev-Team wiki) to explain:
What happend?! I thought the unlock for basebands 02.10.01 & 03.10.01 would be released within the next 2 weeks? As you know the Dev-Team (MuscleNerd) have been working on the unlock for quite a while now. They were making great progress on the unlock, but they found out that they (accidentally) unlocked “one particular SIM card” instead of the baseband itself. Which means that the unlock would only be an unlock you could use with MuscleNerd’s T-Mobile SIM. So, useless. If the unlock would unlock the baseband instead of “the SIM”, it’d probably be out within 2 weeks (reasonable timeframe which they had hoped).
Each iPhone has its own HWID, NORID and CHIPID. All of these IDs are embedded into internal hardware chips of an iPhone. When you connect a locked iPhone to iTunes, it send your unique HWID, NORID and CHIPID to Apple servers which then generates and sends a NCK to unlock your iPhone on official carrier. The length of NCK unlock code is 15 digits only; having said that, keyspace of size 10^15 is too large to enumerate and crack thorugh brute force methods.

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