While Apple mobile device owners are a little saddened by the delay of iOS 4.2, Apple has not totally forsaken it. A revised version of the Gold Master release of iOS 4.2 was released by Apple to developers.
Rumors swirling say that issues with the iPad's WiFi functionality was the reason for the delay in the public launch of 4.2. The modification to the Gold Master was specifically lined out for the iPad with build number "8C134b," which may just be enough to verify the issue. 8C134 was verified by several sources to indeed negatively affect WiFi, so you do the math. Hopefully the dev community washes out the last few bugs so that iOS junkies can have their updates soon.