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Yes, it is fine. I just jailbroke my first gen iPod with 9.2 and it went smoothly and is working fine with my 2G iPhone.
 
I just rejail broke after reinstalling the latest redsnow JB to fix the missing mms. For some reason over 2 gigs of apps didn't get copied back to my phone after "restoring from backup?" Anyone else experience this?
 
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