The first major iPhone software update has finally been released from Apple. iPhone Software Update 1.1.1 includes a host of bug fixes and new features. When you launch iTunes to download the update, you are warned that if you have modified your iPhone in any way, there is a chance that the update might permanently damage it. Fun! This update is a big one, weighing in at 152.3 MB in size. Here’s the lowdown on what you can expect:

• 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

Let us know if you find anything not listed there!