Not sure, but...
I've got my brand new iPhone 4 16GB today and it came with 4.2.1 pre-installed and I want to jailbreak it. I know it's to early to ask because the 4.3.1 jailbreak was released today, but I wanted to ask which jailbreak is better and what are the problems I may end up with? I know that some were reporting that greenpois0n on 4.2.1 had battery issues and there were reports that the iOS 4.3.1 itself had battery issues as well, but also had Wi-Fi connectivity issues and the signal strength bar is showing just one bar of signal [so I read on the official Apple discussion forum]. So my question is: Should I jailbreak with greenpois0n on 4.2.1 or with redsn0w on 4.3.1?
Well I have an 8GB iPod touch 4, and I am currently using green pois0n. Some problems I have found are:
Shorter battery life (although this doesnt affect me much)
sinful iPhonerepo (a source on Cydia) doesn't work (I'm not sure why, but it might just be cydia, not Green Pois0n*
Installous gives frequent "invalid IPA" notifications*
Some small app store problems in regard to updates and installing apps*
*I don't know if these are caused by Green Pois0n or some glitch, but I don't think Green Pois0n had anything to do with it.
I've never had any wifi problems, and other than those few problems (a small price to pay) using Green Pois0n on my iPod was the best thing I've ever done with it.

totally worth it, and the friends that I have jailbroken love it too. I don't know much about Red Sn0w, but I do know that Green Pois0n is a very good program, and it is simple and easy to install. I will let you know if I find any more problems. Hope this helps!