Apple's iOS 4.2 Reported To Go Live at 1 PM EST (AAPL)

Apple (NASDAQ: AAPL) is releasing their iOS 4.2 today, adding many new features to the iPad and the iPhone.

Multitasking, folders, and a unified in-box and game center, all features previously available on the iPhone, will now be accessible for the iPad according to All Things Digital.

ATD's John Paczkowski reports enhancements to both devices include, "AirPlay, for wirelessly streaming media between devices; AirPrint, for wirelessly printing to a paired printer; and Find My iPhone/iPad/iPod touch–a missing-device location service that was previously available only with a MobileMe subscription."

Apple CEO Steve Jobs stated, "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.”

AAPL is up 1.16 to $307.88.