Some good news, 
Andrea Cervone over 
iPhoneItalia was able to contact with 
Comex (the hacker behind JailbreakMe and Spirit), he asked him whether he will preserve his untethered jailbreak until Verizon  releases iPhone 4 which will be powered by iOS 4.2.5 ? Let's see how 
Comex replied him
 
Andrea Cervone asking: So, if Apple releases iOS 4.2.5  on 10 February, you’ll preserver your new tool and exploits for that  firmware? Maybe this will be a good move. Dev Team and Chronic Dev are  releasing their tools for iOS 4.2.1, your can be saved for the future  too.
Comex replying:
I hadn’t seen that.
Interesting.. but a month’s
A long time to wait.
So, it's now clear that 
Comex has moved back about his last ETA (estimate to arrival) for his untethered jailbreak for iOS 4.2.1 as it was related to iOS 4.3 (or iOS 4.2.5) official release. Anyway let's wait and see. Stay tunes
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