When I bought my iPhone it came with 4.2.1 so I didn't get the chance to JB it and I really want to & from my understanding they won't release it until iOS 4.3 is released. I know there isn't an official release date but any predictions?
Just keep your head up! Everything will be roses and dancing kittens soon! I'm guessing we'll see it around the Verizon release.
Also, you can jailbreak 4.2.1...it's tethered but it is possible and gives you all the features (besides unlock) that you get from any other JB.
Unicorns...puppies...and smiling sunshine!