The locked and encrypted bootloader on several popular Motorola phones has been exploited, but OMAP powered phones need not apply
If you're using a Droid RAZR HD, RAZR MAXX HD, Atrix HD, or RAZR M here's a potentially good piece of news -- researcher Dan Rosenberg has found a method to unlock the bootloader of your device. He's not yet released the method, but testers have shown results (like the one above) and given Rosenberg's past work with Motorola devices we've no doubt this is legitimate and should be ready for public consumption shortly.
For the bad news -- if your device has an OMAP processor, like the Bionic or the OG RAZR / MAXX, this isn't going to work for you. Those devices use a different security method which has so far remained uncracked.
We do know a little about today's exploit. You have to be rooted of course, and users are advised to not take the 4.1.2 OTA for the RAZR HD if they haven't yet. Expect more when the methods get released, in the meantime head to the forums and discuss.