Supposedly if you are a dev (or pirate) and acquire 4.2b3 IPSW and use redsn0w 0.9.7 b6 (just released), you can have an untethered 4.2.1 jailbreak.
I haven't tested it myself because I am sticking with 4.1 limera1n.
Your source is misinformed. I tested it and it doesn't work. In the JB Monte process Redsnow attempts to retrieve the shsh blobs, and if it cannot acquire them, it gives an error. So the IPSW is simply not enough. As the Dev Team states, the shsh blobs are necessary. I think someone posted on Twitter that they could, theoretically, get it to work without the blobs but that would encourage pirating the IPSWs so the team decided to refrain from releasing the exploit without the shshs since doing so would encourage illegal activity.