I second Gregg's (trewmte) caution.
Just because you got the raw data off of the device. be it JTAG, chip-off or some other method, it does not resolve your issue with the encryption.
Imagine iPhone's functioning like TPM enabled Bitlocker encryption in Windows environment. What would you do if you got the image of the encrypted volume and no key?
I believe by default since iPhone 3GS, the iPhones are encrypted, and part of the key is baked into the hardware.
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