The new iPhone 3.1 OS Update is available for download now.
The fixes include Genius recommendations, Genius Mixes, iTunes 9 support, ringtone downloads and more. See the complete list of fixes below. I am downloading now. Update: iTunes already overloaded. iPhone 3.1 software download already timed out. The iPhone 3.1 Update is a 306.2MB file and after 30 min. I only got 50MB downloaded - yippie. Update: I was able to download the 3.1 update and its running fine on my iPhone 3GS.

• Genius recommendations for Applications
• iTunes 9 support
- Genius Mixes
- Organize your apps directly in iTunes
- Improved syncing options for music, movies, TV
shows, podcasts and photos
- iTunes U content organization
• Redeem iTunes Gift cards, codes and certificates in the
App Store
• Display available iTunes account credits in the App Store
and iTunes Store
• Browse and download ringtones wirelessly from the iTunes Store*
• Save video from Mail and MMS into Camera Roll
• Option to "Save as new clip" when trimming a video on
iPhone 3GS
• Better iPhone 3G Wi-Fi performance when Bluetooth is
turned on
• Remotely lock iPhone with a passcode via MobileMe
• Use Voice Control on iPhone 3GS with Bluetooth
headsets
• Paste phone numbers into the Keypad
• Option to use Home button to turn on Accessibility
features on iPhone 3GS
• Warn when visiting fraudulent websites in Safari (anti-
phishing)
• Improved Exchange calendar syncing and invitation
handling
• Fixes issue that caused some app icons to display
incorrectly