New (And Good) Things:

Has a newer or same version of BB messenger than the pearl does. (Hard to tell because those of you who have a Pearl know that the BB Messenger isn't the most user friendly in the world when it comes to seeing if contacts are online or off). Also has the same emoticons. And, like the Pearl, there is no limit on the size of the file that can be transfered like a picture, which if I am not mistaken used to be 15-20kb?

BBM: When receiving a picture, have the ability to View/Save/Cancel, whereas with previous versions of BBM you had to Save a picture before you could view it.

Does have the capability to LOAD and PLAY video, HOWEVER, remember, its a 64MB device not including the OS and all the apps on there, so don't count on ANYTHING more than maybe a 5 minute 3gp clip.

BUT...
Podcasts will work, just like they do on the Pearl.
Radio Bee DOES work (and streams almost flawlessly, however, there are issues with the actual Radio Bee program itself).

Photo CallerId: Yes, has it. The exact same set up as the Pearl.

Voice Notes: Yes. Same set up as the Pearl, 60 second maximum length.

Ability to turn Data services off (EX: Web Browsing, Email, etc) while leaving the wireless services on (EX: Phone, sms).

BlackBerry Maps: Yes. However, they seem to run even worse than they do on the Pearl.

Profiles: Ability to set alerts for EACH email address that you have coming into the device.

Browser has Preview Mode such as the Pearl. Also has the ability to log into secure websites (https://). Browser also has 3 option submenus now, such as the Pearl: Browser Config, General Properties, Cache Properties.

Firewall now allows ability to block incomming: SMS, PIN, MMS and BIS.

Security LockOut/Wipe Feature: Can now change from 3-10 attempts, rather than the standard 10 times.

Switch Application now appears in all the menus, allowing you to use it rather than ALT+Back Button

Media will now play thru the headset (Example, like when using quickplayer, it used to ONLY go thru the speakerphone, but it will go through a headset now too).

Pocket Day had to re-install the 4.2 version and had to delete the old version before it would take, took a few tries, but it works great now.

Bluetooth: Options now appear in menus to send/receive via BlueTooth

Email pictures directly.

New Icons: Media (Ringers and Pictures), BlueTooth Set Up, Set Up Wizard.

Bad things:

A: RIM still won't release it (For whatever reason)

B: Notification icons sometimes go missing.

C: Battery meter sometimes goes AWOL also

D: Media player is jacked up. It is in the Pearl size and only takes up 3/4 of the screen while the other 1/4 of the screen is pure white.

The media player is kinda jacked because its only in the size of the pearl screen, so that's a flaw.

E: BlackBerry Messenger: When trying to type a full email address or website, BBM locks up, crashes and throws a Java Error. (EX: joeschmo@westcoast.net or www.pinstack.com)

F: No Voice Dialing (Atleast that I can find)
F: 15KB limit on transferring audio files via Pin Messenger.

Notes:

RIM obviously must have a reason not making this available for download yet, however, it is more stable than some of the other Operating Systems they have released onto the market ::Cough:: Pearl ::Cough::

There have been reports on other sites that people have reverted back to 4.1 after testing the 4.2 because it was so bad, however, this OS seems to be stable and not as buggy as others report (For whatever reason).

Overall, RIM should release this, or atleast, tweak whatever bugs they may think that it has and send it out. Obviously, the users want it and it's not as bad as they either think or has been reported...

There are probably more other little things, however, give some time and they will be added to this list.

Hold tight everyone...

*Let me throw a disclaimer in here.

Sorry, but there is NO WAYa link can be supplied NOR can this OS be provided other than by RIM themselves when they decide to make it a public release. So please, do not even ask for a "hookup" or promise you will keep it on the down low or anything of that nature. Sorry, but it is property of RIM and what they say goes.