@GM: Depending on which step he's on in his jailbreaking adventures, there might be a catch-22 issue at play with that solution
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@Staphoent: Double-check that you're doing the right thing. You should at worst get an annoying popup nagging you about an incompatible update file or some such. Nothing at all means either you're doing it wrong, or something seriously wonky is going on with your device.
That wouldn't be a *white* PW3, by chance? (Don't think those are out yet, but, you never know...).