I was curious if anyone has successfully done this, I keep trying to go back to 4.2.8 and get the 1603 error -- I then have to restore back to iOS 5. Any recommendations?
Putting it into DFU Restore mode instead of DFU worked (the white screen instead of the plug into itunes icon). Just in case anyone has that issue in the future.
I successfully downgraded 5.0 beta 2 to 4.2.8 using DFU mode, but I had all kinds of error messages and hanging until I discovered I wasn't actually in DFU mode, just regular recovery mode. I used iTunes 10.3 FWIW.
If you screen has 'connect to iTunes' on it you're in the wrong recovery mode. Furthermore, I don't think you can successfully get to DFU mode when it has that screen so you'll have to kick yourself out of recovery and start over.