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Jailbreaking risks
For those of you wondering what the risks are for jailbreaking, here they are:
if you follow instructions, risk is NIL (null in objective-C, or there is no risk)
technically it "voids your warrantee" however if you restore back to the non-jailbroken state and you still have a warrantee (ie have had it for less then a year) then your warrantee comes back, it's magic!!!
There are also cases of weird side effects months or even years after a jailbreak, from random shutoffs, to shitty ass battery life, to lag. And there are even some reports of it being hard to restore after a while (months or years after jailbreaking)
Added by JC:
There have been cases where the ipod bricks. Not certain how, but I've had kids who gave me their iPods to fix and they were bricked after jailbreaking it. (Not right away, but a day or two after.)