http://alldroid.org/threads/16201-HO...rola-Milestone
Basically you install the brazilian Milestone sbf file and then use the update.zip exploit.
It's full root access; however the phone still is not able to write to the boot section which means no overclocking, no custom recovery menu and no custom roms.
But you can put live wallpapers, install adfree, remove unwanted apps, and install metamorph themes.
Have atter!