Thanks to XDA Senior member nycbjr, Asus Transformer TF700 gets an AOSP based Android 4.2.1 ROM. Although the official 4.2 update is not far away and if you are not a fan of using stock ROMs, there is no need for TF700 owners to wait. If you like using stock ASUS ROMs only, it might be better for you to wait a little as this an AOSP based ROM.
This ROM is almost fully functional and can be your daily ROM, but there are still some issues with the GPS and Camera functionality. This can be a problem for the users who likes to take photographs with a ten inch tablet.
Rest all the important things are working such as Bluetooth, WiFi, SD cards, HW acceleration, sound, rotation etc.
If your TF700 is already running a custom recovery, you just need to simply flash this ROM and apps. So, what are you waiting for? Go ahead and give your TF700 a touch of AOSP 4.2 and if you want any more details about this ROM, head over to the this thread.