Hi I have firmware 4.1 and have had it jailbroken for a while. I'm looking at updating the firmware just because quite a few apps don't work with older ones like mine.
no, if you upgrade it would have to be to 4.3.5 now since you dont have shsh blobs, Either use a tethered jailbreak on 4.3.5 (I would not advise that) or wait for 5.0 and a new un tethered jailbreak
could be 10 minutes after the official release of 5.0, could be 2 months or longer.. all I know for sure is that its some time after the official release of 5.0