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iPhone OS 3.0 was released on June 17th. There are some great new features that you are sure to use, such as cut, copy and paste; downloadable movies and tv shows from iTunes. You will be able to record you voice, ping your own iPhone when it is lost, and the coolest thing yet, shaking your iPhone to make it change to a new song.
There will also be increased computing capacity, a compass, and the photo quality is better. You can watch the Apple video to find out all about it.
Also, a lot of applications will be receiving updates, too.
Check out this video by therevivedone on YouTube.com