Just learned how to go to iPhone OS 3.0 from 3.1: DFU, or “recovery mode”.
It erases the device and renders it unusable until you’ve installed an image on it, but that’s how you go back. Connect the device to a computer running iTunes then hold Home and Sleep for 10 seconds, then release just the Sleep button. When iTunes tells you it sees a device in recovery mode, you’re done. Option-click Restore and pick your old image. Ta da.