Comex has announced that iOS 4.3.1 and 4.3.2 will initially not be supported in his upcoming jailbreak due to time constraints, therefore users wanting to use the jailbreak should upgrade to iOS 4.3.3
The iPhone Dev-Team has confirmed that RedSn0w 0.9.6b2 can jailbreak iOS 4.2 GM Seed; however, they warn it should only be attempted by advanced users.
The iPhone Dev-Team has posted a screenshot teasing the new version of PwnageTool that will bring custom firmware bundles and jailbreaking to most iDevices.