The latest rumours were that iOS 4.2 was set to drop today, however there seems to be a delay in its release due to a WiFi issue on the iPad.
Essentially after the iPad connects to a WiFi network, it will lose its connection after a slight delay. Due to this bug in iOS 4.2 GM, Apple might be releasing an updated version of 4.2 to select developers to address this bug.
Ever since the iPad was first released, many people have suffered from repeated issues with WiFi. Given the amount of complaints over this bug, Apple is most likely not taking any chances and delaying the final version of iOS 4.2 until it’s ready and “perfect”.
We will have to wait and see if these rumours are indeed true. All I know is that even the talk of an iOS release/delay gives Apple a tonne of publicity. In due time we’ll all have our grubby little paws on iOS 4.2.