As expected Apple has posted a 160MB update for the iPhone with the version number 1.1.2.
Some iTunes' are yet to see the update but many adventurous users have found the direct link to the update and installed it manually.
The update, according to the read me, "includes additional new features, bug fixes and supersedes all previous versions".
Some notes about the update:
- Modem firmware: 04.02.13_G
- TIFF Exploit patched
- iPhone now displays battery status when synced to iTunes