iPXE is developed by the people who originally developed gPXE (which evolved from Etherboot). Unfortunately, the gpxe.org and etherboot.org domains are owned by an individual who wishes to exercise a high degree of control over the project and the codebase, so in April 2010 the decision was taken to create a new project named iPXE, using the existing codebase as a starting point. Since the two projects diverged, development on gPXE has stopped. There have been no commits to the gPXE tree since 2011.
In summary: if you are currently using gPXE then you should upgrade to iPXE as soon as is reasonably practical.
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Frequently asked questions
What does the "i" in "iPXE" stand for?
It doesn't.
How much does iPXE cost?
iPXE is free, open-source software.
Which version of iPXE should I use?
iPXE uses a rolling release model, in which every commit is intended to be production-ready. You should always use the latest code.
How does iPXE relate to gPXE and Etherboot?
iPXE is the official replacement for gPXE1) Any feature present in gPXE is also present in iPXE, and users can seamlessly upgrade from gPXE to iPXE.