We're answering the questions we're getting most often, so bear with us while we let everyone no that yes indeed, you can Jailbreak the white iPhone 4 -- it's still an iPhone 4 on current(ish) firmware after all.
Given that iPad 2 still isn't Jailbroken, it's a fair question to ask, so I put it to the test. My white iPhone 4 shipped with iOS 4.3.1 and I had no trouble jailbreaking either that or 4.3.2 once I updated. I don't have CDMA here, so I can't test the Verizon iPhone on 4.2.7, but if you've had luck with that, let us know.
If you need more information or extra help, here are your links: