Finally, it’s here…almost.  According to a press release ushered in from Apple, the long awaited iOS 4.2 will be released today. Reports point to 10am PST as the time when the download will go live, so set your stopwatches.

The big winners here are iPad owners, who finally receive multitasking capabilities on their tablets. But iPhone owners have a lot to be happy about as well, with features like AirPlay, and AirPrint making their debut…

Another feature that has been speculated about for quite a while is the possibility of free MobileMe access coming with the latest firmware. While this speculation has not been dismissed, one feature from MobileMe that will indeed make the cut is the handy Find My iPhone feature.

Find My iPhone is a feature that allows you to track your iPhone’s location using GPS. Considering that this was pretty much the only compelling reason to consider purchasing a MobileMe account in the first place, it fuels the idea that Apple will eventually make that product free as well.

Beware that if you are interested in keeping your jailbreak and your unlock, you are advised to wait until the proper tools are released to allow you to update without risking your jailbreak or unlock. We will let you know when these tools are available, and as always will provide you with a walkthrough showing you how to do so.

Are you excited for iOS 4.2? What do you think about the free Find My iPhone feature?