Yes, it is here, now this is an update I’ve really been looking forward to. iOS 4.2 now brings Multitasking, Folders, Unified Inbox, Game Center, AirPlay® and AirPrint to the iPad™, iPhone® and iPod touch®.
Steve says…

"iOS 4.2 makes the iPad a completely new product, just in time for the holiday season," said Steve Jobs, Apple’s CEO. "Once again, the iPad with iOS 4.2 will define the target that other tablets will aspire to, but very few, if any, will ever be able to hit."
iPad

Users with iPad’s will now be able to run their favorite apps and switch between them instantly, while preserving iPad’s legendary battery life. Users can organize their apps with drag-and-drop simplicity using Folders, and Mail now features a Unified Inbox, fast inbox switching and a threaded message view.
AirPrint

AirPrint makes it simple to print email, photos, web pages and documents right from your iPhone, iPad or iPod touch. A few taps is all it takes to go from viewing it on-screen to holding a printed copy. There’s no software to download, no drivers to install and no cables to connect.
AirPlay

AirPlay lets you stream digital media wirelessly from your iPhone, iPad and iPod touch to your Apple TV and AirPlay-enabled speakers. So you can watch films and photos on your widescreen TV and play music through the best speakers in the house.
Find My iPhone, iPad or iPod touch

Find My iPhone, iPad or iPod touch — the MobileMe feature that helps you locate your missing device and protect its data — is now free on any iPhone 4, iPad or fourth-generation iPod touch running iOS 4.2 Once you set it up, you can find your lost device on a map, display a message on its screen, remotely set a passcode lock and initiate a remote wipe to delete your data. And if you eventually find your iPhone, iPad or iPod touch, you can restore everything from your last backup.
More features available in iOS 4.2

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