While Apple has yet to officially announce a release date for iOS 4.2 (if it even does such a thing), an insider at AT&T told MacStories that Apple is planning to release the major update on Friday November 12th at 10 AM PST in the US.
Taking time zones into account that means that we may not see the update in New Zealand until early Saturday morning.
The update promises to be a big deal for iPad owners, still waiting for folders and multitasking. Apple says the new features will also make the iPad more appealing to large organisations.
“iPad owners will get to enjoy its 100+ new features and innovations — including multitasking, folders, printing, and more," says Apple's website.
While you wait for iOS 4.2 to be release, you should probably download the latest version of iTunes (10.0.1) if you haven’t already. It weighs in at just over 70MB.