4.0
I forget why I wanted to upgrade to 4.0, but when it came out, I went ahead and pwned it leaving multitasking un-enabled. Result: I was frustrated that my iPhone was now much slower in most (if not all) facets of navigating the GUI. Conclusion: disappointing.
4.1
I believe I had heard that sluggish 3G performance was addressed in 4.1, so I was eager to adopt it. This time, I chose to enable the multitasking during Pwnage. Good news = the GUI isn't sluggish any more. The real news is bad news: Battery usage went completely postal. It won't last a full day in standby. You'd think that things like Wifi being enabled, or CPU-sapping apps running in the background might be culprits here, but no. In bare-bones, small-footprint mode, the battery drains like a runaway train. Conclusion: disappointing.
So there are my experiences with pwning two of the 4-point IPSWs on the 3G. Each time I regretted the outcome. I'm biding some time to see what else might come out of the 4.2 situation. Eventually I'll upgrade to a 4.2 that doesn't require that cockamamie, GPS futzing, iPad baseband workaround --- or downgrade to the 3.0 that was working --- or perform a fix centered on 4.1.
Can any pwners out there relay experience on how a 3G on 4.1 with multitasking left un-enabled is working?