okto prep didnt do crap
all i had when i updated last friday was the new upgrade but all applications were gone, teh god thing is my phone wasnt bricked
It works wonderfully. You run oktoprep in 1.1.1 then update to 1.1.2. Then you need to let iTunes activate the iPhone and run the 1.1.2 jailbreak app: http://conceitedsoftware.com/iphone/site/112jb.html
The 1.1.2 update wipes your /Applications folder, but the other files remain in tact (well, most of them anyways).. regardless, you'll need to reinstall all your 3rd party apps after updating. Everything works nicely like it does in 1.1.1 though once you do