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Pros:
- LEGAL
- Themes for your iPhone/iPod
- Apps that were not released in the appstore due to denial.
- Mobile Terminal, this was one major reason I got it.
- More Customizations, Such as wallpaper, themes, basically you can turn your iPhone/iPod into anything
- If it gets messed up, such as bricked, you can just restore it and take it in, Apple won't notice a thing.
- Cool features such as SB Settings and RotateTilt.
- Game Mods. Yes, you can modify your games.
- Fring. A VoIP Service.
- colloQ - GUI IRC chat.
- Flash. Yes, you can use Flash now on your iPod while Jailbroken.
- OpenSSH. You can access your iPod's files through an FTP that allows SSH.
- Afc2add. This gives you root access.
- Ability to add cracked apps. (Do this at your own risk)



Cons:
- It increases the risk of bricking by 15%. (Estimated guess due to unlikeliness.)
- Apple voids the warranty IF you bring it in WHILE jailbroken.

Bonus Section! How To: Jailbreak
There are many tools you can use to jailbreak.

Tutorial using Tool #1: Blackra1n.
Step One: Go to blackra1n.com
Step Two: Download Blackra1n for your operating system.
Step Three: Plug your iDevice into your computer.
Step Four: Run Blackra1n, this process may take up to a minute.
Note: Your iDevice will reboot and load a Blackra1n image. Once your iDevice is up and running go to the Blackra1n app and insall either Cydia or Rock. I prefer to use both.

Tutorial using Tool #2: Jailbreakme.com
Step One: On your iDevice open Safari and go to jailbreakme.com
(Make sure you are on your iDevice when you go to the URL.)
Step Two: Slide the slider that says "Slide To Jailbreak."
Step Three: Your iDevice will reboot and will be successfully jailbroken.

Does this work for the new firmware? If so I will re-jailbreak mine with #2.

Works for 4.0, but does not work with 4.1. I suggest downgrading.

(10-21-2010, 12:55 PM)For Emma Forever Ago Wrote: [ -> ]Works for 4.0, but does not work with 4.1. I suggest downgrading.

Thank you for telling me I might downgrade just to jailbreak for themes + free apps.

i never knew you could do this
"
- If it gets messed up, such as bricked, you can just restore it and take it in, Apple won't notice a thing. "

I took the risk and I know I made a good decision. Now, my iPod is jailbroken and I have hundreds of dollars worth of applications on my iPod Touch and I absolutely love it. I don't regret doing it at all.

Blackrain never worked with 4.0 when i used it.. Go to jailbreakme.com

I still have the 3.6.1 and I used Spirit to jailbreak it. Installous and Cydia is what I use to download apps.

I'm on 3.1.2 at the moment, I want to upgrade, but will it remove all of my currently added Apps? (The jailbroken ones)

I don't even jailbreak anymore, everyone costs money now. It pisses me off.