It's entirely possible that your iPad will start multi-tasking soon and you’ll have improved performance on your iPhone 3G, and have features like AirPrint and AirPlay added to all. This big goodie bag aka iOS 4.2 might be delivered this Friday itself.
There’s gossip that an “inside source at AT&T” revealed that the update would be available for download on Friday. Now Apple has this record of preceding an iOS update with an iTunes update. So that makes the iTunes 10.1 slated for tomorrow (11th Nov). Developers had been asked a week ago to submit apps for iOS 4.2.
It must be noted that these are just rumors and there’s no grounded evidence for them, but there’s nothing wrong in keeping our hopes up.