I was wondering, if I copied all my apps with "Transfer" (or any other app that accesses the folders on the iPhone) from my iPhone to a folder on my iMac before doing the 1.1.4 update with iTunes and Jailbreaking with ZiPhone, can I then just copy them back to the Applications Folder once I've udated? Instead of reinstalling a LONG list of Apps from installer?

Any help would be nice, sorry if it is a stupid question!

Well first, some apps aren't just in the Applications folder. Also, some versions we specific to 1.1.3/1.1.4. On suggestion that I've heard be kicked around is adding the apps to an iappcat.com repository then add that source after your restore and just install the apps from there...