I'm still on 4.1 on my Galaxy Nexus and I keep getting nagged 12 times a day to upgrade to 4.2 OTA. The problem is I've read so many strange bugs on 4.2 that I want to wait until 4.2.1 to upgrade.
4.2.1 is still very buggy. I wanna go back to 4.1.2 it was perfect. Now it's junk. I hate it. Thinking about *gasp* getting an iPhone or windows phone next time.
4.2.1 still shows as an update to 4.2. Just go ahead and update when prompted. No idea why Google couldn't add ".1" to the description in the notification.