Unless you open the phone via something like telnet. Theres a simple piece of social engineering here. Come up with a sob story about how you need to make a phone call and you don't have a phone. Find a kind G1 owner to let you borrow theres to make a call. Have a friend distract them.Quickly run the exploit and open up remote access...

You could potentially download a little thing that calls home to help you locate the phone on the network, and get pretty much whatever you want off of it and since it's a keylogger that might include passwords.

This is identical to a fairly widespread attack in which someone 'borrows' your phone and then signs you up for some premium SMS service that charges you for a stupid joke every day or something like that.