Nahh i am not having problem with that for some reason i can not downgrade no matter what from 4.2.1 i tried growngrading and i always get error ... itunes cannot update ipod because firmware is not compatible ?
To downgrade you will have to use SHSH blobs i believe.
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So try this out and let me know!
EDIT::: If you dont know what SHSH Blobs are in the first paragraph just click the blue lettering like this (have your SHSH blobs on file)