Today, Redmond Pie reported on an interesting tidbit of news for those of you who have decided to wait it out for an untethered jailbreak solution for iOS 4.2.1. The Chronic Dev Team, the folks behind the popular GreenPois0n jailbreak tool, is actively working on an untethered jailbreak that will require no beta firmware.
As you're no doubt aware of, the Dev Team has released a number of beta versions of their RedSn0w tool that is already capable of accomplishing the untethered jailbreak on iOS 4.2.1.
Of course, with that tool being beta, there are some caveats, such as the fact that official 4.2b3 firmware is required; that firmware is only available to developers...