It has been done! Finally CutYourSim Service has launched unlock solution for users who are stuck with iPhone having Baseband 04.11.08. According to CutYourSim team, if you will get this package for your iPhone, result will be Factory Unlocked iPhone.
After you order this package for Factory Unlock you have to wait for 5 to 15 days. You must be think how unlock will be done after just ordering the unlock solution. Well it is done by adding your IMEI number in the database of US service providers.