forumdude123 9 Posting Pro in Training

I am considering jailbreaking my iPod touch. I have some questions before going any further:

1. Can I restore in case of failure or if I hate the jailbreak?
2. What are the risks associated with jailbreaking?
3. Should I experienced problems will I be able to fix it under my warranty
4. Will I experience slowdowns or major battery life reductions?
5. What's the best method of jailbreaking?
6. Would you recommend jailbreaking?

Btw I have a second generation 8gb iPod touch.