Jailbroken for the touch is the same as it is for the iphone -- it allows you to basically run homebrew applications that you would otherwise have to download/pay for at the iTunes App store.
If you decided that you wanted it, we could restore it original factory settings and un-jailbreak it! Its very easy. But just looking at eBay, we saw that people have buying the ones that are jailbroken. We can always undo it though
Thanks!
Rachel