It's teh bomb. I recently jailbroke my ipod touch (2g) and I would recommend it for anybody (even if your warranty isn't up, because there is no way to 'brick' an iDevice and you can just do a simple Restore if anything goes bad).

I'm going to be writing a guide to jailbreaking soon, so I will post that here when I'm done!

EDIT: Also, 400 posts! Woo!