Apple today released iPhone 1.1.1 Update which includes additional new features, bug fixes, and supercedes all previous versions.

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 cites 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

iPhone 1.1.1 Update is available via iTunes’ iPhone Update (152.3MB).

MacDailyNews Note: We have tested the update on a up-to-date, kosher (locked) iPhone and, after the download, it took about 8 minutes for the iPhone to restart, verify the software, update the iPhone’s firmware, and restart again. The phone then waited 10 seconds while re-activating with AT&T. All new features work as advertised. We purchased an album (Foo Fighters “Echoes, Silence, Patience & Grace for US$9.99) via the iTunes Wi-Fi Music Store and downloaded the album via Wi-Fi in about 3 minutes. Reconnecting the iPhone to iTunes caused iTunes to automatically transfer the purchased album to our iTunes library. It worked perfectly.

About the security content of the iPhone 1.1.1 Update here.