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Question about 4.2 unlock on iphone...

nah its loading the ipad baseband permanently which could limit your future upgrades forever. Also 4.2.1 is tethered unless they've come out with MC 3GS comex hack yet. doubt it.
 
Well it is a "real" unlock, but you are stuck with a 6.xx baseband. Also it will be a tethered jailbreak for the time being (possibly forever) pending comex et al being able to find a hole/hack to untether it.

Personally (and I have the same phone/FW unlocked) I would wait for PWNage to work with 4.2.x before upgrading.
 
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