i0n1c has just confirmed via his Twitter account that the exploit behind the current untethered jailbreak is still working and alive on iOS 4.3.2. Apple has not patched it. He is currently running the jailbreak on his original iPad. Odds are that this will work for all devices minus the iPad 2.
I would still hold off on upgrading until a jailbreak tool has been updated if you can. But if any of you try out redsn0w on iOS 4.3.2, let us know what happens and how it turns out in the comments! If you run into any issues, check out our TiPb jailbreak forums too.