Spirit, the new jailbreak for ALL the latest apple toys is about to be released! BACKUP your blobs! expect an apple update immediately following the release! Spirit could be released as soon as tomorrow! To summarize, Spirit is an untethered jailbreak for all iPhones, iPod touches, and iPads.
you only need to backup your blobs if you have one of the newest devices like iPhone 3gs, the Touch 3gen, and any iPad. If you’ve been avoiding a jailbreak, you can use Umbrella to backup the pertinent info without modifying the device. I’ll write up a howto when I get a sec, but there are plenty out there.