It has been about 20 days since AT&T released the Motorola Backflip. Many in the Android community were initially angered by it because AT&T had stripped all Google content to replace it with Yahoo and AT&T bloatware. On the 12th of March Motorola released the source (minus the proprietary bits of course) in an apparent effort to appease customers, but not much has been done with it so far. That might change in the coming days. Infrared aka Larry Wheeler of MyJanky reported a successful root and boot into the stock recovery. For detailed instructions check out the his post.
It is important to note that no notable ROM-scene has developed around the Backflip as of yet (for rather obvious reasons). Hence, you will be on your own in creating ROMs based on the released source (link above). In other words, for the time being these procedures are only for people who know what they’re doing. If you are not comfortable that you understand what Larry is talking about when he states that you must “package your compiled source into an update.zip file” you should probably hold your horses for just a bit longer until someone comes along and does it for you.