When you try to use QuickPwn or Pwnage on your iPhone, you'll have to get your phone into the so called DFU mode. During this process, if you miscalculated the seconds (for me its always Holding Power+Home for 8 seconds then release power button), your iPhone will enter the dreaded Recovery Mode. During this time, if you go by what iTunes wants, it will ask you to restore your phone which can take a good 20 minutes before your phone is back to normal mode again (assuming if you entered DFU mode by mistake more than once, its can be an awfully long time wasted).
I finally decided to document how I got out of Recovery Mode through trial & error without full restore: (Note, this was tested on an iPhone 1st gen w/ firmware 2.2.1 on it)
1. In Recovery Mode Screen (it shows a cable and a CD looking iTunes icon), press and hold power + home for about 10 seconds, this will shut the screen down. Let go of buttons!
2. With the screen dark, press and hold power+home buttons again. This time, the Apple logo will light up for about 8 seconds then again it will be powered down. (I noticed this round of power down, it seems to be a little different with the way the screen shuts off, hard to explain). Let go of buttons!
3. Once again, press and hold power+home buttons (only this time, you'll mimic the entering DFU mode like pattern) by counting to about 8 seconds then release the power button. Keep holding down the home button until about 20 seconds then let go. During this time, the Apple logo should reappear but don't get distracted, keep up with the counting. By the time you let go all buttons 20 seconds later, the Apple logo should stay lit and it will boot into regular mode shortly after.
This method has worked for me in the said iPhone and firmware 2.2.1. As always, do this at your own risk and best of luck!