i got a new iphone with 4.2.1 pre -installed. it says it is factory unlocked.Is it safe for me to jailbreak, and if i do, since i dont have the 4.1 shsh blobs, how will i downgrade?
Yes it's safe to jailbreak although for now it will be a tethered jailbreak. You don't need the 4.1 shsh blobs because an untethered jailbreak will be out for 4.2.1 before Christmas.