I have been using Jailbroken 1.1.2 firmware of iphone for some time now and was pretty much happy with it. Even though 1.1.4 came out some time back and there were some jailbreak solutions available online, I didn't want to take the risk of breaking my iphone by trying to upgrade it. I had quite a lot of issues trying to upgrade my firmware to 1.1.2 and I thought I bricked my iphone in the process, luckily I only had to erase my baseband and 1.1.2 upgrade went fine.
So that day i decided that I wont be jailbreaking my iphone for any future versions until I know that it will work for sure. So when my friend offered his iphone to be jailbroken to 1.1.4 ( I guess he believed more in my abilities to break his iphone safely more than I belived myself). To my surprise the ziphone hacking method (detailed in lifehacker) was so easy that I was done jailbreaking the1.1.4 version in less than a minute.
Assuming that it will be a smooth operation, I used the same method to upgrade my iphone as well, but I was unlucky power went off in the middle of the operation and my computer went down( Even though i have a laptop the battery has drained completely and now I cannot use it even for a minute without connecting it directly to power outlet). When the power came back I could not shutdown/start my iphone, it was giving wierd error message that the "BSD root error". Luckily I was able to restore my iphone after holding down the power and home buttons, running ziphone again did the trick for me. But I should say I was really fortunate not to have bricked my iphone in the process.
I would highly recommend anyone to use ziphone to jailbreak thier iphone.