583661 apple ipad 260x146 iOS 4.2 for the iPad, iPhone & iPod Touch Out Today...with a surprise.The long awaited 4.2 update is finally here bringing a slew of updates to the iPad that iPhone users will already be used to.

iPad users specifically will now enjoy folders for applications and multitasking. For everyone, iOS 4.2 brings brand new AirPrint, offering the ability to print files wirelessly to a small number of printers that support this feature; and AirPlay, bringing streaming video to any modern TV via Apple TV.

The surprise? 4.2 brings FREE “Find my iPhone” service to all 4.2 users – well those on the iPhone 4, iPod touch 4th Gen and iPad. You can get started with Find My iPhone here.

Other new features that iOS 4.2 brings to the iPad include: the ability to rent TV episodes directly to iPad using the iTunes App with a 30 day viewing window and a 48 hour session window once playback is started; the ability to easily find and highlight specific words and phrases on web pages in Safari; enhanced enterprise support so businesses can take advantage of stronger security features, new device management capabilities and more.

You should find the update waiting for you in iTunes at 10am PST today and once the update is released, you’ll be able to update by attaching your iDevice to your Mac or PC, selecting it in the iTunes source list, and clicking the Check For Update button.

You should know OS 4.2 is compatible with all existing iOS devices except the original iPhone and first-generation iPod touch. However, some features (such as multitasking) won’t work on older devices, including the iPhone 3G and the second-generation iPod touch.

Update:

iOS 4.2 is now LIVE. Details here.