During today's Apple event, Steve Jobs announced that the next version of the iPad flavor of iOS, 4.2, will be available as a free update in November 2010. The iOS 4.2 version will support the iPhone and iPod touch (4.0 friendly versions of those devices) in addition to the iPad.
Among the new features in 4.2 will be folder organization for apps on the iPad, bringing parity with the 4.x smaller devices.
Innovations include AirPlay, which will allow you to stream video and audio from iTunes to your iPad or from your iPad to the newly-announced Apple TV. Also added: printing! The iPad will be able to print to networked printers or printers connected to your computer, details TBD.
Apple iPad Air 2