I have some 7920 devices that I will be replacing eventually (one immediately) with 7921G devices. Currently we run CCM 4.2(3).
Do I need a 7921 with a license or can the 7920 license cover the new 7921?
If you have DLU's available on your cluster then you should be able to run the new phone.
Technically, it does not matter with CUCM 4.x. If you purchase a 7921, it comes with the license.
When you finally upgrade to CUCM 7.x, you will be grandfathered into the new DLU licensing scheme.