Apple announced firmware update for iPhone to version 1.1.3, the new firmware update will enable new features on your iPhone as follows:

• SMS to multiple contacts in one message.
• Automatically find your location with new redesigned maps application.
• Create web clips of favorite websites.
• Watch movies rented from new iTunes movie rental service.
• Customize Home screen.

Apple's CEO, Steve Jobs said - iPhone doesn't stand still — we're making it better and better all the time

Users can update their iPhones to the latest firmware via iTunes 7.5 for free, however if you have a hacked iPhone updating to new firmware might make your iPhone unusable.