Jailbroken iPhone? Say No To iPhone OS 3.1 Update, Until Dev Team Gives All Clear

iPhone OS 3.1 Update on Jailbroken iPhones.
With all the new iPhone 3GS coming in to the market and old 3G phones changing hands, there might be a lot of people getting iTunes update notice. Even though the update provides a bunch of new enhancements and might also fix the stinking battery problems, the jailbroken iPhone users are warned against updates.
If you do the normal update through the iTunes, you might lose your Ultrasn0w (Ultrasnow) unlock permanently.
"If you update to Apple’s new software using the normal iTunes process, you will lose your ultrasn0w unlock.  In fact you may lose it permanently, because for most people the baseband firmware cannot be reverted to a previous version (unlike the main application CPU firmware).
But don’t worry…our PwnageTool program lets you update your main firmware without touching your baseband firmware, so you can still have the best of both worlds.  But you must be diligent about saying “no” to your iTunes request this week to update your firmware."
So hold on to your jailbroken phones until you get a work from Dev-Team. More importantly read the lively discussion as well.