Note: This is a software update that will be available for iPhones and iPod touches this summer.
Notable new features for users
Multitasking
Spell check (like on the iPad).
Bluetooth keyboard support (again, on the iPad).
User-defined wallpaper (a jailbreak favorite).
Tap to focus when recording video, just like with photos, and a 5x digital zoom for the camera.
Playlist creation and nested playlists.
App folders for sorting apps! You can even put an app folder in the dock.
Enhanced Mail! You can have a merged inbox view, switch between inboxes quickly, and sync to more than one Exchange account. There's also threaded messaging (at last!) and in-app attachment viewing.
iBooks, just like on iPad, only smaller. You can wirelessly sync books between platforms, a la Kindle.
Enterprise features, including remote device management and wireless app distribution.
Game Center. It's like Xbox Live, but for iPhone games. Includes achievements, leaderboards, and match making. It will be available as a "developer preview," and out for consumers later this year.
Source: Engadget
Quote:
"We are releasing it for end users for iPhone and iPod touch for users this summer. For the 3GS and iPod touch 3rd gen. And, for iPhone 3G and iPod touch 2nd gen, they will run many things... but there are some things they won't run, like multitasking."
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