I AM SO GLAD TO BE ABLE TO TELL YOU GUYS THE GOOD NEWS.
Looks like the untethered 4.2.1 jailbreak for iPad has been released:
Jailbreak iOS 4.2.1 Untethered iPhone 4, 3GS, iPad, iPod touch with Redsn0w 0.9.7 [How to Guide] | Redmond Pie
As from what I've read, it is only in "beta". I have not tried it yet. Anybody want to give it a whirl.
Says you need SHSH blobs from 4.2b3