My iPhone 4 has a tethered jailbreak on 4.2.1. Works a treat. Just make sure your battery doesn't run out. I did a reboot after installing something from cydia the other night (while I was putting the kids down) but the phone wouldn't start up until I plugged it into the computer and used pwnagetool to boot it up again in jailbreak.
It could be a pain if you were out and about for a long time with no charger. When I'm at work, I turn off 3G and wifi and all that to keep as much battery life as possible.
I'd still recommend you do it though. I wouldn't have my phone any other way. Yes it's kinda inconvenient, needing a computer to turn your phone off, but until the untethered one comes out (probably not till 4.2.2 I heard) it's 99% as good.
I used the guide in iClarified. Don't want to promote the competition, but it was very clear and easy and I couldn't did one on here.
Last edited by LennyTheDub; 01-07-2011 at 06:27 AM.
Reason: Automerged Doublepost