Jailbreaking allows users to run unauthorised third party programs, many of which are unavailable at Apple's official app store, but does introduce some security risks and needs some study to ensure you don't jailbreak your iPhone and then get infected by some malicious third party app.
Still, the people who are doing the jailbreaking certainly know what they're doing, and even through the public still can't get their hands on iOS 4.2, let alone the 4.2.1 designation that the final version is expected to have, such things are not difficult for hackers.
Yes, they have used version 0.9.6 of Redsn0w to get past iOS 4.2.1's defences, with Redmond Pie reminding us that this version of Redsn0w is based on Geohot's Limera1n jailbreaking software.
The people behind Cydia, which is the most popular unauthorised 'app store', also say their software is iOS 4.2.1 ready, just as many legitimate software developers have also done, testing their software on the SDK and on iPhone 4 and 3GS models loaded up with beta or near final 4.2 / 4.2.1 code.
Developers are rushing to be ready for Apple's latest OS, but end users are ready and waiting too, with everyone waiting for the company everyone loves to crunch to make its move.
After all, we all want multitasking, we want to try out Air Printing, we want our folders, we want in-browser text search, we want all the features we know are there'¦ but can't have yet.
At least we know that there's only 10 days left before November ends, but given Apple's desire to be unpredictable, iOS 4.2.1 could be unleashed at any time.
Until then, hello iPad 3.2.2, my how I can't wait to replace you!