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no. if u restore everything will be wiped. Thats why you need to make sure that you have a backup in itunes as well as all your apps there. Basically after you jailbreak with the custom ipsw and connect to itunes, it will ask you if u want to setup a new phone or restore from backup. Just restore from backup, sync and you get all your stuff back.
 
Will I get EVERYTHING back... wallpapers and stuff even?

I mean, Pwnage Tool is making the restore IPSW now, so I will use that to restore once its been jailbroken.
But that restore IPSW has everything in it, right?

Also... if I jailbreak 2.1 and Apple releases 2.2, will I be able to update my jailbroken 2.1 to Apple's original 2.2 easily?
 
Will I get EVERYTHING back... wallpapers and stuff even?

I mean, Pwnage Tool is making the restore IPSW now, so I will use that to restore once its been jailbroken.
But that restore IPSW has everything in it, right?

The process of jailbreaking the phone is just installing an "already jailbroken" ipsw. This ipsw is vanilla, it is the same for all phones, a modified apple ipsw. So after u create this ipsw using pwnage, you will install it using itunes (option+restore). After the install is done, everything will be wiped. Then when it is connected to itunes for the first time, it will ask you if you want to set it up as a new phone or restore from back up. You select restore from backup, then sync. That is why you MUST make sure before installing the custom ipsw on your phone that everything is backed up (synched) to your mac, and also you have an iphone backup (itunes>prefernces>devices>backup).
 
why dont you use quickpwn ..that will jailbreak your iphone plus keep all your apps music and wallpapers
 
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