According to the company, the iOS 4.2.1 brings the iPhone, iPod Touch and iPad together when it comes to OS releases.
Previously, the iPhone and iPod touch were using the 4.x branch of iOS while the iPad used 3.x.
IOS 4.2 gives iPad users the ability to multitask with applications and create folders among other things. Other features that will be rolled out to all iOS devices include AirPlay and AirPrint.
“iOS 4.2 makes the iPad a completely new product, just in time for the holiday season,” Apple CEO Steve Jobs said.
“Once again, the iPad with iOS 4.2 will define the target that other tablets will aspire to, but very few, if any, will ever be able to hit.”
Apple also announced that the Find My iPhone Service will now be made available for free for select iOS devices.
Previously, the service required a MobileMe subscription from Apple. Find My iPhone allows users to track down a lost or stolen iOS device and locate it on a map using Me.com or an iOS app (which be available for free from the App Store).