iOS 4.2.7 is also available now for CDMA iPhone 4 users on Verizon, alongside iOS 4.3.2 for GSM iPhone 4, iPad 2, iPad, iPod touch 3G/4G.
Apple has just released iOS 4.3.2 update for iPhone 4 (iOS 4.2.7 for Verizon iPhone 4), iPhone 3GS, iPad 2, iPad, and iPod touch 4G/3G. This is just a minor update to fix bugs, DNS issues, fix document viewer, FaceTime issues, vulnerabilities and some battery life woes on all iOS devices.