Time to toy around with the iTunes as direct download links of the 4.2.1 firmware are here. All the Apple iPhone, iPod touch and iPad users can download 4.2.1 iOS either from the Apple website, or by clicking on the links given below.
You can download these IPSW files for your iPod touch (2G, 3G and 4G), iPhone (3G, 3GS and 4) and iPad (3G and Wi-Fi). As a word of caution, look at twitter or Facebook updates before upgrading.
Also, on the Apple discussion forum, couple of folks have pointed out minor issues after upgrading their iPhone to iOS 4.2.1. With that said, there are major improvements in this new iOS as well, especially for the iPad users.
Download iOS 4.2 For iPhone
Download iOS 4.2 For iPod touch
Download iOS 4.2 For iPad
Go ahead, and download the iOS 4.2.1 IPSW file. You can also update your device with this latest firmware by clicking on Update on your iTunes.