Caution: Do not update your iPhone if you have it jailbroken or are using the ultrasn0w unlock. This firmware update has been confirmed to break the 3G S Jailbreak.
All that this update appears to do is fix the SMS vulnerability that we reported on a couple of days ago. The release notes are very very vague so we can’t really provide more information until we install it ourselves and poke around, which we will do asap and either update this post or make a new one 
edit: updated red txt above
Release notes:
Quote:
iPhone OS 3.0.1 Software Update
Products compatible with this software update:
• iPhone
• iPhone 3G
• iPhone 3GS
For information on the security content of this update, please visit this website:
Apple security updates
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