I have an iphone4 on 4.0.1 which is JB, and unlocked. current BB - 01.59.00. Need opinion if I should really upgrade and re-jailbreak. am I missing much by not being on 4.2.1? BTW, all my SHSH's are saved on Cydia up to 4.2b3. thank you to anyone who can give me some advice. everything seems to be working very well, and I don't want to go through the hassle of re-installing all the apps, and setting up the way I have it, if there are not much in benefits to upgrading.
Every update of firmware will need a restore. Every restore wipes out everything. You have to jailbreak again.
If your apps from apple stores does not require you to update, then you can live with it for now.
The stock firmware of 4.2.1 has a non unlockable baseband. But if you want to go ahead and do it, i can guide you to preserve your bb.