I have just bought a UK O2 iphone latest evrything and tried the hypercard with it. It does NOT work. I did down with 1.1.1 then okprep then activate then lockdown etc.
I also have a US iphone i have upgraded to 1.1.2 and it works fine with this. lower bootloader
So it looks like the new bootloader doesn't like it also. Shame.........Unless Hyper card can update them through software then no good for latest.