Update came out yesterday and I made the mistake of updating without waiting
My music is stored in it but it says I don't have any
I also had trouble trying to create this new thead because text entry kept leaving the screen.
There is a workaround for the music issue but I already left work and will have to wait til tmrw
Apple had 22 days to avoid iOS 4.2 music screw-up, blows it anyway : Beatweek Magazine
Update went smoothly for me, I had no issues. I'm sorry to hear you're having troubles.