All in all it wasn't that difficult to do if you strictly follow the step by step instructions. If you're scared of opening up Terminal this jailbreak process is going to be a bit daunting though. To enable third party applications on your iPod Touch just follow this guide: http://www.touchdev.net/wiki/Jailbreak_Guide
Here are a few minor hiccups I ran into:
- Had problems getting libreadline to work when not copied into the root folder of your HD (/opt/local/lib/libreadline.5.2.dylib) - Cyberduck really is the best FTP software to SFTP into the device, tried Transmit and had some issues renaming folders
I currently have the following apps installed:
- Mail (iPhone) - Weather (iPhone) - Stocks (iPhone) - Notes (iPhone) - Maps (iPhone) - Calendar (adding events enabled) - Taptap Revolution - Stumbler - Sudoku - MobileCast - MobileRSS - VNsea
As was to be expected some of the apps listed in Installer.app don't work well on the iPod Touch (yet) but overall its been a very positive experience. When someone gets round to porting Flash Player for use on the iPod this will be my all time favorite multimedia device.