Apple has released the iPhone 1.1.1 Software Update to iTunes.
The 154MB download warns that “If you have modified your iPhone’s Software, applying this software update may result in your iPhone becoming permanantly inoperable.”
Apple previously released a press release saying that users who specifically had SIM unlocked their iPhone should not proceed with the update as it may cause irreversible damange to your iPhone.
Apple’s website has been updated with a new video that shows off the latest features of the iPhone update. The video is titled “Wi-Fi Music Store. Ringtones. And more.”
New Features include:
– iTunes Wi-Fi Music Store
– Louder speakerphone and receiver volume
– Home Button double-click shortcut to phone favorites or music controls
– Space bar double-tap shortcut to intelligently insert period and space
– Mail attachments are viewable in portrait and landscape
– Stocks and cities in Stocks and Weather can be re-ordered
– Apple Bluetooth Headset battery status in the Status Bar
– Support for TV Out
– Preference to turn off EDGE/GPRS when roaming internationally
– New Passcode lock time intervals
– Adjustable alert volume
Daniel Brusilovsky 
I know some people are having trouble if they have stuff installed with installer.app.
If you’re going to install the update then restore your phone to 1.02 and then do the update.
I restored a few days ago and did the update with no problems so far.
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