The first update, v 4.2.0.0, had some issues when accessing comments and notifications which caused the app to crash. That's now been taken care of, so look for the bug-fix version of 4.2.1.0.
Windows Phone 7 users are on a different version tree, and there are no issues with their latest update, v2.7.
The Facebook client for Windows Phone is a strange beast, developed by Microsoft with engineering support from third party developers. This is different to the arrangement on iOS and Android, where Facebook develop those clients in-house.
You can pick up the new build from the Windows Store on the web or update it from the Windows Store client on your handset.