What exactly is the procedure when you apply a new software update to a jailbroken iPhone? Do you first do a clean restore and then apply it? Do you lose your contacts/texts/etc in the process?
You must first wait for the dev team to update the pwnage tool and winpwn. These are the tools to build a custom firmware and restore your phone with the newly updated firmware. If you pwned your phone for 2.X firmware, then upgrading with a legit copy of itunes' firmware, then your phone will remain unlocked and activated but you will lose the jailbreak. You can then wait for the dev team to update the quickpwn tool and use that to jailbreak your new firmware. If you do a legit restore, (and a new one) your phone will be wiped. The only way you can prevent this is if you do a backup before restoring. Plug your iphone in and let itunes detect it. Then right click on the "iphone" icon in the left pane and hit "backup". Once its done, you can continue your process and once the new firmware is installed, itunes will prompt you to "restore from back up" This will put everything back the way it was.