As part of their special music event today, Steve Jobs announced iOS 4.1 for iPhone and iPod touch would be coming next week, and iOS 4.2 for iPad would be coming in November.
iOS 4.1 includes everything we've seen so far, including bug fixes for the proximity sensor, Bluetooth, iPhone 3G performance. It also adds HDR photos, HD YouTube uploads, TV rentals, and Game Center.
iOS 4.2 includes all of iOS 4.1 along with wireless printing and AirPlay, which replaces airtunes and adds streaming video and pictures.
Both will be free updates.