Apple has released software version 1.1.1 for the iPhone.

The update is a rather large 152.3 MB in size. It adds a few new features along with assorted bug fixes. As with Apple's statement earlier this week, Apple is cautioning those who have modified software on the iPhone that the update could render their phone inoperable. This statement appears to be more in targeted towards users who have unlocked their iPhone for use on a different wireless carrier.

iPhone Software Update 1.1.1 Enchancements

• Increased speakerphone volumes
• Double clicking on the home button to access 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 cities 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

You can update your iPhone by connecting to iTunes on your Mac or PC. Discuss this update in the Official iPhone Update 1.1.1 Software Update Release Discussion thread in our iPhone forums.