Upcoming redsn0w supports restoring, including iPad2/3 and 4S downgrades (with blobs)http://twitpic.com/9ixsqv ..also stitches on the fly 🙂
In order to downgrade, users mist save the SHSH blob for their device for the version of iOS that they’d like to download to (this can be done using TinyUmbrella for Mac or Windows), and devices cannot be downgraded to firmwares earlier than the version they shipped with.
The ability to downgrade to previous versions of iOS could be useful for jailbreaking your iOS device, or just to have as an option in case you encounter problems with an update.
There’s no word on when the new version of Redsn0w will be released, but as always, we’ll let you know as soon as we hear more!