The software was supposed to come out yesterday but apple for some reason delayed it.
Tom-Tom also made proper GPS software for it with local maps instead of online Google maps.
http://www.apple.com/iphone/softwareupdate/
Cut, Copy & Paste
Quickly and easily cut, copy, and paste text from application to application. Select entire blocks of web text with a tap. Copy and paste images from the web, too.
Landscape Keyboard
Want more room to type? Rotate iPhone to landscape to use a larger keyboard in Mail, Messages, Notes, and Safari.
MMS
Send MMS messages and include video, photos, audio, and contact info.2 Even tap to snap a picture or shoot a video right inside Messages.MMS support from AT&T coming in late summer.
Spotlight Search
Find what you’re looking for across your iPhone, all from one place. Spotlight searches all of your contacts, email, calendars, and notes, as well as everything in your iPod.
voice memo
Voice Memos
Capture a memo, a meeting, or any audio recording on the go. Voice Memos works with the built-in iPhone microphone or with the mic on your headset.
Calendar
Improved Calendar
Create meetings via Microsoft Exchange ActiveSync and subscribe to calendars with new CalDAV support.
itunes store
Buy Movies, TV Shows, and Audiobooks
Download movies, TV shows, music videos, and audiobooks from the iTunes Store on your iPhone.3
Stocks
Enhanced Stocks App
Get more at-a-glance information and view charts in landscape.
Safari
Safari Improvements
Enjoy faster performance, autofill user names and passwords, and more.
Internet Tethering
Internet Tethering
Share your Internet connection with your laptop with Internet tethering via Bluetooth or USB.44. Tethering is not currently offered in the U.S. and some other countries. See your carrier for availability.
Stereo Bluetooth
Stereo Bluetooth
Connect compatible Bluetooth stereo headphones, car kits, or other accessories.
Auto Wi-Fi Login
Automatic Wi-Fi Login
Log in to a Wi-Fi hotspot and iPhone automatically logs you in when you connect again.
Sync Notes
Sync Notes
Never leave a note behind. Now you can sync all the notes you write on your iPhone back to your Mac or PC.
Parental Controls
Parental Controls
Decide what music, videos, and apps your kids can access.
iTunes Store
iTunes Store Account
Create and log in to one or more iTunes Store accounts directly from your iPhone.5
Parental Controls
YouTube Login
Log in to your YouTube account to save and sync bookmarks and rate favorites.
Shake to Shuffle
Shake to Shuffle
Give iPhone a shake and it shuffles to a different song in your music library.
Shake to Shuffle
New Languages
iPhone supports 30 languages and more than 40 keyboard layouts.
Mobile Me
MobileMe Find My iPhone and Remote Wipe
Find your iPhone if you lose it and protect your privacy with Remote Wipe.
Latest Maps
Run the Latest Apps
Run the next generation of iPhone apps, like peer-to-peer games1 and more.