Apple have just updated the iPhone and iPod touch to OS 3.1.2. The new update fixes several problems including a sporadic issue that may cause the device not to wake up from sleep, an intermittent issue that may interrupt iPhone cellular network services until restart and it also fixes a bug that could cause an occasional crash during video streaming.
GeoHot has said that this new OS is still vulnerable to blackra1n, his 3.1 jailbreak in progress and this has been confirmed by members of Chronic Dev and the Dev Team.
As usual, iPhone users who need an unlock should hold off from upgrading as the new baseband has not been hacked. iPhone 3GS and iPod touch 3G users should be mindful that the new firmware release means OS 3.1 will no longer be signed by Apple and so they may not be able to downgrade from 3.1.2.