Having the same problem also
I have a 2G that was unlocked until i mistakenly updated to 2.2.1 which ended up locking my phone. I am running on windows vista and Quickpwn hangs at " wait for your phone to connect in recovery mode" Please help!
Found a fix for "wait for recovery mode" that worked!!!!!!
I tried all the solutions listed here. Made sure .net 2.0 was installed, the right services were turned on, uninstalled and reinstalled iTunes, and stood with my left foot off the ground, and still got stuck at the same screen.
Out of desperation, after getting stuck at "wait for recovery mode" for 5 seconds, I unplugged the usb connection on the iPhone, waited about 3 to 5 seconds, then plugged it back in to the iPhone.
I received an error message, then I was brought back to the screen on QuickPwn that says "Make sure you usb is connected". I pressed the arrow to continue, and all of a sudden, the next screen went past the "wait for recovery mode" in about 5 seconds.
I am not sure if this will work for anyone else, but let me know if it does.:)