Erica at TUAW reports that some iPhone SDK developers woke up to their iPhones displaying the "Pink Screen of Death." The Hello Kitty-esque screen is the result of an expired SDK distribution.
iPhone developers should head on over to the Apple Developer Connection and download the latest SDK update. This is the third version of the SDK for those keeping score, it's build 5A240d.
Links:
[1] http://www.tuaw.com/2008/04/08/iphone-developer-lockdown-reportedly-ipinkbricks-all-dev-units/
[2] http://developer.apple.com/iphone/program/
[3] http://www.maclife.com/article/iphone_sdk_beta_update
[4] http://www.maclife.com/article/iphone_sdk_elite