iOS 5 is out - Be patient

With the release of iOS 5 many of you are excited to make the jump from 4.x -> 5.0. There are a couple important things to keep in mind:

There is no untethered jailbreak... yet.
The tethered jailbreak works but Cydia/MobileSubstrate and the tweaks that use MobileSubstrate still have some moderate bugs. (Being worked on now)
iOS 5 contains a whole new baseband. This means that those of you on iPad2 GSM/CDMA be VERY wary. Once you perform ANY kind of restore, if apple is no longer signing that firmware, you will be STUCK in recovery with no way of getting out. (This is because there is NO public bootrom exploit for iPad 2)
Also, if you rely on unlocks STAY PUT until Dev-Team/iH8sn0w updates PwnageTool/redsn0w/sn0wbreeze to support custom firmware!
SHSH playback won't work for iOS 5.0+. This means that restoring iOS 5 will not work the way it did with iOS 4 and below.
Note that you should still be able to use your SHSH for any iOS 3 or iOS 4 version without any problems.
Dev-Team and Chronic Dev Team are working on their (and our) respective tools to solve most (if not all) of those issues. Be patient as the exploit fairy isn't playing very nice this time around.
:)