Apple has released iOS 4.2 to its GM (gold master) developer network. The update is primarily for the iPad as it'll bring a loads of new features including: ability to create folders, print from their device, stream content, game center, multitasking, and other tweaks and enhancements. The iPhone will also receive the ability to print as well too.
Apple promised iOS 4.2 back in September and has delivered on that promise. Recently the iOS platform has come under fire for an exploit that allowed any user to bypass the iPhone lock screen with a few simple clicks and a daylight savings bug that cased phone alarms to go off at the wrong time.