Not yet... once this page:http://www.concrete5.org/tools/get_latest_version_number... is updated your dashboard should show the upgrade option. Usually it isn't too long after the release has been pushed up for download.

Why is this update taking long time? 5.4.2 is a buggy version I want to be out of soon!

you can always do it by hand.

So I looked into it, and it seemed that placing concrete folder in the web server root wasn't effective... tho that's the procedure described in INSTALL file. Rather, I needed to cut a new folder updates/concrete5.4.2.1 and put concrete in there, and then run update from the dash. Is this process described somewhere easy to access?

Thanks for the hint, I just went through it so I'm going to describe it here for others facing the same issue. This is meant for those with Cpanel hosting, adjust if yours differs.

1. Download latest (5.4.2.1 in this case)
2. Log into your Cpanel, open up the File Manager, go to the /updates folder
3. Upload the zip file to the /updates folder
4. Extract
5. Delete zip file
6. Go into the new concrete5.4.2.1 folder
7. Select all files except the concrete folder and delete them
8. Log into your C5 site, go to System & Maintenance -> Update, your update should be ready to install

Are there any news on this topic? It seems a bit strange to me, that a new bug fix release is more than two weeks old and hasn’t been pushed for automatic update.

It looks like it's been updated now as an official release. You should see it in the dashboard of sites now :)

Yes, I’ve seen it :)