The hack only seems complicated. I actually manned up and did it on my iPhone with no problem and no death (to the iPhone). I was previously on the "wait for software update that allows you to use your own ringtones" bandwagon, before realizing the fact that it would be very smart of Apple to use the iTunes store to sell ringtones made for the phone...I have no desire to pay for them.
Best of luck if you attempt the hack!