I just ordered a new 4th Generation iPod Touch, and am already looking to jailbreak it.

I have a few basic questions first.
1. What are the Pros/Cons? Should I even bother?
2. Do Regular App Store apps still work?
3. Which method of jailbreaking is best? (redsn0w, limerain, etc.)
4. Does this have any negative effects on the iPod, like reduced battery life, instability, incompatibility, etc.
Feel free to post any opinions on jailbreaking or the iPod in general.
Hunter Thompson
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inkPad T400: T9400, 8GB, LG WXGA+, Samsung 830 128GB + WD Scorpio Black 500GB, Intel 5300agn, Win7 Pro x64
Others: IBM ThinkPad R40, Sony VAIO NR Series, HP TouchPad running CM9, Jailbroken iPod Touch 4G