Although the version of the iPhone OS on display on the iPad is version 3.2, the latest update to show up is just a minor bump at 3.1.3.
According to the release notice, the update includes the following fixes:
- Improved accuracy of reported battery level on the iPhone 3GS
- Resolves issue where third-party apps would not launch in some cases
- Fixes a bug which may cause an app to crash when using the Japanese Kana keyboard
As always, those who rely on jailbroken or unlocked phone functionalities should take caution when plugging their devices into iTunes.
The iPhone-Dev modding team notes that those running the original iPhone 2G models can unlock and jailbreak, but the 3G and 3GS models do not have an unlocking solution yet for the new firmware. Jailbreaking, however, is already possible on most older devices.