Just as Paul had said early this morning, iOS 4.2 has now been greenlit to go live and is available for download to the public. Many iPad users will be excited for this, of course that is unless you require/love/need/want a jailbreak.
If your hoping to jump on the iOS 4.2 firmware, do not expect a jailbreak to be ready just yet. This may take a few weeks to a month, or even a day. What's important right now, is to stay on iOS 4.1 and make sure your SHSH Blobs are saved. This will ensure you can always preform a jailbreak on your device at this firmware version. If you do not want to lose your jailbreak, DO NOT UPDATE to iOS 4.2 yet. Pleas wait until official tools have been updated/released.
While the new features look great, be patient, and in time you will be able to upgrade. But for now, play safe, and stay away from that update.