Today, Apple issued an iOS update which brings it to 4.3.2. It fixes a Facetime bug that caused the app to crash and resulted in blank or frozen video. It also addresses an issue that prevented some 3G iPad owners from connecting to a cellular network. As it happens they also distributed a separate update, 4.2.7, for Verizon’s iPhone users, which addresses some minor security holes and bugs.
To receive the update, just plug in your phone and launch iTunes.