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The PW jailbreak "bridge" (which is built into the most recent jailbreak files) only ensures that the custom developer key will be safe across the update from 5.2 to 5.3.
It does not interfere with the update process.
**Other** end-user customizations may or may not survive.
Which is one of the reasons for having a custom key that does - you can re-install anything that does not survive the update process.
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