I just got an 8GB iPod Touch and I want to jailbreak it.
Can I get some advice from people who have done it already? Which method is the best way to go? What should I avoid? What can I do if the jailbreak goes bad?
I just want some reassurance before go ahead and do it.
Jailbreaking seems to be a popular option with the Touch. Can I ask why?
What are the main reasons why I might want to do it?
What are the downsides?
Will I have to reinstall all of my photos, tunes, or webapps?
Is ZiPhone the best way to go?
Jailbreaking on the iPod Touch is basically to get unsigned code running on it, nothing else. So third party apps without Apple needing to authorize them (which means things like instant messengers that can stay running or VoIP clients could be installed on it).
You probably won't have to reinstall anything, although to be safe I would sync to back up what you have. Also keep in mind that technically it voids the warranty of your iPod (although it's pretty easy to restore it to factory).
As for jailbreak methods, it doesn't really matter since it's not an iPhone and as a result you don't have to worry about baseband patching issues. ZiPhone should work fine.
Jailbreaking seems to be a popular option with the Touch. Can I ask why?
NO!
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What are the main reasons why I might want to do it?
Third-party applications not presently available any other way. Jailbreaking a Touch will decline in popularity once the App Store is fully up and running.
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What are the downsides?
You might ruin ("brick") the Touch, but I've not heard of anybody screwing it up so badly that it couldn't be reset/restored, so I'd classify it as "low-risk hacking."
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Will I have to reinstall all of my photos, tunes, or webapps?
No.
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Is ZiPhone the best way to go?
I've not used it, but it seems to be the recommended option.