The new iPhone update just released today brings the iPhone to feature parity with it’s little cousin, the iPod touch. The features that previously existed on the touch and now have made it to the iPhone include:

• iTunes Wi-Fi Music Store
• Home Button double-click shortcut to phone favorites of music controls
• Space bar double-tap shortcut to intelligently insert period and space
• Support for TV Out
• New Passcode lock time intervals

One unwelcome addition is a switch to the new locking mechanism already seen on the touch, which is thus far undefeated. The iPod touch modding community, however, stands to benefit from this move, since any progress made for the iPhone will now also apply to the touch. Updates specific to the iPhone in the 1.1.1 firmware include:

• Louder speakerphone and receiver volume
• Preference to turn off EDGE/GPRS when roaming internationally
• Adjustable alert volume
• Mail attachments are viewable in portrait and landscape
• Stocks and cities in Stocks and Weather can be re-ordered
• Apple Bluetooth Headset battery status in the Status Bar

We recommend that those of you with iPhones stick with the older firmware revisions until a jailbreak method is discovered.