The update is live as of today in the U.S. where it can be downloaded as a free over-the-air update.
Users in regions outside the States will see the Android 4.2 update arrive later in March, though an exact date was not provided.
The update will bring with it the usual performance and stability enhancements, along with new features like the ability to have multiple user account logins for a single device.
The first of many
The Transformer Pad TF300 is now the first tablet outside of Google's Nexus line to receive Android 4.2.
Hopefully this means Jelly Bean's sugary walls are breaking down, and we can expect to see more tablet upgrade announcements before too long.