Finally got around to do some real hacking*** after a long time.
As i said previously since samsung does not use cryptographic sigs. rooting is releatively easy. However since Galaxy 3 as marketed in india is a new phone (GT-i5801) there was no ready packages available. So i modified the tool to install busybox and su on the Galaxy - S. Am attaching the resulting update.zip here The immediate advantage is that now i can tether my edge connection over to Wifi. Also a speed improvement hack is now possible, more on that later when i get time to port it to galaxy 3.
For all those who want to do it the procedure is simple read on for details.
*** ALERT: Hacking is not cracking... i did not do anything illegal or malicious. The common task of breaking into unauthorised systems is called "cracking". Hacking is just using ones genious to use verious things in ways not originally meant for them (or one definition of it).