Towards the latest news we came to know that Apple is going to release a web based itunes. Sounds weird, But Apple can also release ios4.2 because it has also to do something with iTunes.
iTunes was updated to 10.1 to Update on iOS 4.2. Or it can be iOS 4.2 and a web based iTunes.Because when Apple released iOS 4.1 so it also released iPod Nano AppleTv and much more.
So stay tuned for more info about the event.