What are the risks of jailbreaking 1.1.4?


hi guys. acquired 16gb ipod touch, running firmware 1.1.4. i'm interested in exciting opportunities jailbreaking can bring, i'm worried harmful things can happen if it. 2 main worries:

1) jailbreaking somehow ruin ipod. have experience bricked devices before, , it's not fun. there any chance @ all not able rescue ipod, should go wrong? there record of method of holding buttons while plugged in not working?

2) jailbreaking not irrreversible. remember stories of iphones being bricked because jailbroken, , users tried upgrade firmware. remember stories of iphone warranties being revoked because apple store employees tell they'd been jailbroken, if phone restored. either of these happen touch? importantly, have problem, should want pay upgrade firmware 2.0?

in advance whoever can me. guidance heavily appreciated :)
 

wirelessly posted (mozilla/5.0 (ipod; u; cpu mac os x; en) applewebkit/420.1 (khtml, gecko) version/3.0 mobile/4a102 safari/419.3)

both impossible, bricking impossible, restore there, , there no bricked mode. if restore, visible traces gone, if want memory cleared under settings
 


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