Finally, the wait for the Xperia X10 users is over. As we reported earlier, that Jerpelea, biktor_gj and Bin4ry from xda-developers have been successful in getting access to the root of X10. Yesterday, they posted the guide for others to Root their X10s.
After rooting your phone the internal values of the phone changes to:
Model number- SO-01B
Baseband ver.- 1.0.24
Build number- R1EA025
After rooting you will lose the Mediascape application along with Play Now, but they can be manually added later. All Xperia X10 users, root you X10 at your own risk. I would suggest you to go through the entire thread before Rooting, so as to avoid bricking your X10. Here is the link.
Update: It seems that there is some problem in getting back Mediascape after rooting. I suggest to go through that entire thread and there is an option posted by a member by which you can avoid losing Mediascape.