I have a jailbroken iPhone 3G MB model running iOS 4.1 with a 05.14.02 basement and it's running kinda slow and freezes up sometimes. I've heard that 4.2 runs better and more smoothly on the 3G's and 3GS's. If you have any input that could be helpful please fill me in. Thanks.
3.xx runs the smoothest on the iphone 3g and you can always downgrade to that. 4.2.1 does run better than the other 4.xx firmwares though so if you want to give it a shot id say go for it. But since you are using a 3g you dont get to use half the features that 4.2.1 has to offer.