Good news for all iOS jailbreakers: turns out the latest 4.3.2 update is still vulnerable to the same untethered hacking method used by redsn0w for 4.3.1, so Dev-Team's @i0n1c simply had to port his code over to the new kernel to keep the jailbreak alive. As before, the almighty iPad 2 is still not supported here, and ultasn0w unlockers are reminded to wait for the new PwnageTool release later this week, but the rest of you can go ahead and grab the new tool at the source link.
[Thanks to everyone who sent this in]