Jailbreaking is a process which allows users of iPhone, iPod Touch and iPad to bypass the original operating system security thereby granting them uers root access. The result of this is the ability of these Apple mobile devices to download extensions and themes which were initially unaccessible from the App Store.
Facts:
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A Jailbroken iPad, iPhone or iPod Touch is still able to use the App Store and iTunes.
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Jailbreaking is different from Unlocking. Unlocking is used on iPhone in order to allow the iPhone user access to other networks apart from the network enabled by Apple.
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Jailbreaking IS NOT ILLEGAL.
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Jailbreaking is not a final proces. You can alway restore your device to its original settings.
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Jailbreaking is FREE, takes about 2 minutes to perform and you can do it on your own.
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Jailbreaking gives you unlimited freedom to download applications and customize your device.
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In some cases, Jailbreaking slows down your device.
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Jailbreaking is firmware specific i.e you MUST use the Jailbreak designed for your firm ware eg. Jailbreaks for firmware 3.0 may not be the same for firmware 3.1.2.