Do the same hacks work with both the iPod Touch and the iPhone?
Yes, but not really. Some hacks have to be tweaked to work with on both devices, and the current hacks for the iPod Touch only work with Apple’s latest firmware, 1.1.1. Since the iPhone came out a few months before the iPod Touch, hacks existed for versions of the firmware before 1.1.1. The latest and greatest iPhone and iPod Touch hacks are all designed or have been upgraded for the 1.1.1 firmware. As a result, should you choose to hack your unit, you should hold off on updating your device if Apple releases an update to the firmware. Once the firmware is tested with hacking community and it has been deemed safe to upgrade, then you can upgrade.