I didn't see a jailbreak thread when I did a search so I figured I would start one for us iPhone users. Considering that jailbreaking your device is now legal, I hope having a thread dedicated to this topic is OK with the admins.
Who here has updated their device iDevice to 5.1.1? If you haven't but plan on doing so, look at getting a valuable package from Cydia called PKGBackup. This will save all your cydia apps and settings and back it up to either the address book or Dropbox. I am currently in the process of jailbreaking both my iPhone4 and iPad3 after making a backup of each device with this application. The app isn't free, but for $7 I feel thats money well spent since I don't have to sit there and download each package/source all over again once I update my device.