According to MacRumors, several users are noticing the inability to contact the update server with their iDevices. Also, the update menu randomly mentions that the user either has the latest update or the error mentioned above. Apple has just recently seeded their iOS 4.2.1 GM build to developers and stating that only minor fixes are included. It is likely that Apple is trying to push the iOS 4.2 in time for Black Friday as an increased selling point.
Regardless, for those already with iPads, iPhones and/or iPod Touches, just sit tight and wait in anticipation to see what Apple has to offer.
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