Well, wait. But only a little bit longer.
As a pissed-off owner of a 1st gen iPod Touch, I did some internet trolling and snooping and came across not one, but two different projects bent on getting the fantastic world of iOS 4.0 to both the iPod Touch 1G and the iPhone 2G. While neither site has made much progress, it looks promising.
The whited00r project is working to create “the best firmware” for the 1st generation iPhone and iPod Touch. By that, they mean that they are modifying 3.1.3 firmware to support 4.0 features. As sketchy as it sounds, they are promising multitasking for all 1st gen devices. Currently, they only have one working firmware, which they are calling their “Light Edition” for 2G iPhones. As of right now, a lot of the features it supports are stupid visual stuff that you can get by jailbreaking your iPod anyways, like springboard backgrounds, Emojii, reflective doc, etc. It even fakes the version ID so that your device THINKS it’s running OS 4.0. It has native tethering and MMS, but alas, no multitasking. On the plus side, it’s jailbroken, and you have the option to hactivate it (if you want to use it with a different carrier).
Here’s a super-not-fast walkthrough video. You’ll have to jump around: he wastes a good 30 seconds at the beginning watching his iPhone boot up.
Some guys are working to make a legitimate port of the actual 4.0 firmware to the 1st gen devices. They’re rewriting a LOT of base stuff, like drivers and protocols. It seems to be a LEGIT rewrite, which is fantastic. According to their site, they are in their 3rd beta and are working on a 4.0 release candidate. Unfortunately, there is nothing to show for it. At all. They say they’re putting up a video, but I have yet to find it. Their site is even less appealing: It’s just a bunch of text with a donate button at the bottom. I’m slightly worried, but maybe something will happen sooner than later.