Developer Stefan Essen recently demoed an iOS 4.3 untethered jailbreak exploit on video. Today on Twitter, he has stated that the exploit has been turned over to the iPhone Dev-Team. He stated when he released the demo video that he had no intention of releasing a jailbreak tool himself.
What the iPhone Dev-Team will do with the untether isn't completely clear at this point, but we can hope that it allows for a untethered jailbreak in the near future under iOS 4.3. For all of you iPad 2 users out there, Stefan Essen has already stated that this exploit won't do you any good.
The iPhone Dev-Team is currently beta testing the exploit. We'll see if they decide to implement it in a tool in the near future. How many of you are waiting to upgrade and still on iOS 4.2.1?