The iOS 4.2 was released in the Keynote and it has the following features:

This update is mainly centered towards the iPad which was kind of neglected in the last update, this time Apple has made sure that iPad gets all the goodies which an iPhone user has enjoyed all this while

• Brings Multitasking to the iPad
• Apples AirPlay, which is Apple’s redub for AirTunes, with the important addition of being able to stream music and video to your i-device over WiFi (with an iPad even acting as host for the new Apple TV)
• Wireless printing feature, complete with a little Print Center applet that sits in the dock and lets you manage your print jobs wireless

This new iOS 4.2 will be releasing for the iPhone, iPad, and iPod Touch in November. Will be a welcome update for the iPad users.