According to Apple’s timetable, the iOS 4.2 update for the iPad, iPhone, and iPod touch (those that are upgradeable) should happen any day now (sometime in November). iPad users have the most to gain moving from iOS 3.2 to 4.2 will give them multitasking, printing, and support for multiple Exchange ActiveSync accounts (your corporate Exchange Server & Google Mail for example).
iOS developers were notified by Apple yesterday (Nov. 1) to start submitting iOS 4.2 apps. If I had to guess, I would guess that Apple will provide the update starting on November 8 in order to reduce the impact of the availability of Windows Phone 7 smartphones in the U.S. It would also reduce the impact of the availability of the Android powered Samsung Galaxy Tab tablet in the U.S. later next week.