You can safely downgrade now because Apple are still signing the firmwares.
Once they stop that, you won't be able to downgrade unless you save your blobs.
I think they just stopped, I used to be able to download and as of today when I needed to once again, its not working anymore.
I downloaded the appropriate 4.2.6 firmware, held down the home and sleep buttons until the itunes + usb picture appeared on my iphone 4 and then clicked on the appropriate 4.2.6 firmware file that I downloaded previously.
I tried to do the restore, and it got hung up one "verifying restore with Apple", then it errored out, saying, "unknown error occurred, 3194"
This just starting happening today, I have had to restore my iphone 4 a few times in the past few days and it has worked perfectly each time. Did apple or itunes do something so this wont work anymore. Is there a fix?