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No... its not that easy.

All pwnage does is make you a new firmware to put onto your iPod. iTunes recognizes this firmware as its own. When you hit 'restore' it restores to what it thinks is its firmware (being the one PWNage made).

I'd ask this question on the PWNage or Winpwn forums... I don't think there are many PWN experts aroudn here.
 
Just restore to a normal firmware file and you'll be OK.
If you used BootNeuter then change the settings back to how they were before, then restore.
 
huck ipod up to pc/mac then do the home and sleep button method to stick the ipod into recovery mode and then restore this should wipe the ipod of all traces of pwnage firmware
 
All you have to do is restore vanilla and its all gone :)

Pwnage website said:
Common questions
Why?
There is no easier or faster way to jailbreak/activate/unlock than to get iTunes to do it for you during what it thinks is a normal update.

Does it work on 1.2.0?
Yes. In fact it's the only way to jailbreak 1.2.0 and beyond, since Apple fixed the ramdisk hole.

Is it reversible?
Yes, every part of pwnage is easily reversible simply by restoring to an official Apple ipsw instead of your custom ones.

Can Apple close this hole?
Please visit the technical Pwnage page to see how the entire chain of trust in the boot process has been compromised.
 
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