The boys at XDA Devs have done it again, this time not only rooting the MyTouch 3G which launched just a week ago, but also providing an in-depth tutorial on how to do it yourself! The actual tutorial was written by Amon_RA who gives props to Jrbourgque and Haykuro (remember him?) for their help. Keep in mind that they specifically state, as with all rooting procedures, that you could render your phone permanently useless by attempting this so enter at your own risk.
Thanks to Michael for sending in the tip, noticing that Cyan0gen (remember him?) retweeted an Amon_RA Tweet announcing the successful rooting and later on publishing an URL to the original thread. Man… the community of Android Devs is growing at a healthy rate and its awesome to see this kind of thing happen so quickly.
Congrats and enjoy!