Indeed. I guess what I really wanted to know was the issues or lack of after jailbreaking a phone. Online might show you how, but I don't really hear the downside, etc.
I've jailbroken every iPhone since the original. I have yet to encounter a problem or anything negative as a result of jailbreaking. My first iPhone 4 was hardware defective. I restored it, returned it to Apple for a replacement, no problem. Since you can always restore to factory firmware, there is very little to no downside to jailbreaking. The US Gov't ruled jailbreaking legal, so there's no problem there. Apple will void your warranty, but since it can be restored, it would be pretty dumb to return a jailbroken iPhone to Apple without first restoring it.
Any problems you may encounter will be a result of any apps you install. The jailbreaking process simply opens your iPhone up to other apps available in Cydia and other repos. Cydia is stable, but some apps may not be. Note that not all apps in the AppStore are stable either.
The advantage of jailbreaking for me has been apps such as MyWi, 3G Unrestrictor and iBlacklist. Apple does not allow these apps in the AppStore yet they are extremely useful to me. Others have different favorites.
There is one disadvantage, currently, jailbreaking will make your iPhone less secure. First thing to do is to change the default password of 'alpine' to something unique. Keep an eye out for 'antid0te', an enhanced security jailbreaking tool that will let your jailbroken iPhone have security on par with stock Apple firmware. Release date is unknown, but it is rumored to be at about the same time as the untethered 4.2.1 jailbreak.