Will iPod Touch 2g have a new firmware or it is confirmed that 4.2.1 is the latest version?
This says 4.2 is the last update for the 2G;
iPod touch: Which iOS 4 software features does my iPod touch support?
it says: iOS 4.2 is the latest version of iOS for iPod touch (2nd generation).
it does not say LAST nor FINAL version
That statement was added after subsequent updates were released. Maybe Apple will issue a later one. Only Apple knows.
You are stuck with 4.2.1, Apple canceled updates for you so you have to buy new products
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