Just recently, Apple released the 3rd beta for iOS 4.2 which is speculated to be released sometime next month. This new beta includes the following updates/features:

1. New tones for SMS
2. iPad: Enable/Disable alert sounds for New Mail, Sent Mail, Calendar Alerts, Lock Sounds, Keyboard Clicks
3. Minor graphical change
4. Bookmark bar in iPad Safari

As of now, there’s no exact release date planned, however, PocketFullOfApps will keep you updated as time progresses.