First of all, today's event will be mostly surrounded by iPods etc so I believe the new OS 3.1 to be the only iPhone news!
WARNING: DO NOT UPDATE YET IF YOU WANT TO JAILBREAK OR UNLOCK AS IT CAN PERMANENTLY DAMAGE YOUR ABILITY TO DO SO!
Apple is releasing the iPhone / iPod Touch OS 3.1 today itself! What will it have? Well, we don't know much but, it will allow management of apps on the homescreen from iTunes itself! Secondly, you will be able to use over 30,000 pre-made ringtones that were rumored earlier this week, each priced at $1.29.
Coming to the AppStore front, Apple is finally making some changes! Genius integration for AppStore will be included in the new OS and works just like the one for Music. There will be a separate tab for this in the AppStore on iPhone.
Finally, no one will have to pay for this update, that includes our iPod Touch peeps if they have already purchased the OS 3.0!
Image Source: Engadget
UPDATE: The iPod Touch Software Update is now online! Just open iTunes and Upgrade if you have it purchased or purchase first. iPhone version and iTunes 9.0 are sill not available.
UPDATE: New iPhone OS 3.1 features documented here.
UPDATE: iPhone OS 3.1 and iTunes 9 Downloads are live!