I did this for my moms ipad 1 and... basically made it usable. Jailbreak and remove language packs and unneeded launcher daemons and you save quite a bit of memory!
http://www.gottabemobile.com/2011/07/08/top-hidden-jailbreak-gems-in-cydia-iphone/
Go down to speed up your iphone section.
http://www.gottabemobile.com/2011/07/08/top-hidden-jailbreak-gems-in-cydia-iphone/
Go down to speed up your iphone section.