After a painfully long wait, Apple has finally released the much-hyped iPhone 3.0 Software Update, delivering improved functionality and tons of new features to iPhone and iPod touch users worldwide. Two days from now, the iPhone 3G S will also be available to the public. The device will “unlock” the complete set of new features available with iPhone OS 3.0.

“The new iPhone OS 3.0 is a major software release packed with incredible new features and innovations for iPhone customers and developers alike. It will keep us years ahead of the competition,” said Philip Schiller (Apple’s senior vice president of Worldwide Product Marketing) back in March, when the company previewed the first developer beta of iPhone OS 3.0.

The OS 3.0 software update contains more than 100 new features for both iPhone and iPod touch users, including Cut, Copy and Paste, MMS (available later this summer, only for the 3G model), Spotlight Search, landscape keyboard for Mail, Messages, Notes and Safari, expanded parental controls for TV shows, movies and apps from the App Store, video-recording and editing capabilities, the ability to capture and send audio recordings on the go with the new Voice Memo app, the ability to wirelessly download movies, TV and audio programs, Stereo Bluetooth and P2P support, as well as an enhanced version of iTunes. Students will be able to download learning materials on the go, using iTunes U.

iPhone users can download the new iPhone OS 3.0 software for free, while iPod touch customers must purchase the software update for $9.95 (US). The appropriate method to download and install the new OS version is by connecting your device to iTunes on your computer. Wait for the application to recognize it and choose “Check for Update.” iTunes should automatically find the new software and download it for you, after which the installation process begins. Users can also download the iPhone1,1_3.0_7A341_Restore.ipsw and the iPhone1,2_3.0_7A341_Restore.ipsw files for future use.