yes it does, thats why i told you if your going to update you can use a method to stop it updating your baseband
I haven't updated it to 4.1. I didn't even want to mess with it.
Currently I am still on 4.0.2 with limera1n, Cydia and ultrasn0w 1.1-1 installed on it while still showing base band 01.59.
However, earlier in this thread someone mentioned that the phone won't be usable unlocked unless it's on iOS 4.1. Is this correct? Or with my current setup is it unlocked and usable? (I don't have a microSIM to test it yet.)