The first update for the iPhone is now available via iTunes. Users who have recently docked their iPhones have received notification that an iPhone software update, version 1.01 of the iPhone firmware, is available for download and installation. The update is around 7 MB and installs in approximately 5 minutes.

According to Apple, the update includes security and bug fixes. Specifically, the update patches security holes in the iPhone version of Safari and the iPhone webkit which previously allowed malicious attackers entry points from which to exploit the iPhone.

Though speculation was that Apple would rush out the first update to the iPhone in order to patch these holes, including nothing else in the update, it appears as though this is untrue - even despite Apple's failure to mention otherwise.

Users are already starting to notice other changes to their iPhones via the update.

The most obvious of these is fixed IMAP support. If you previously only had Inbox and Sent folders available in your email, you should now have full access to all your IMAP folders.

Countless iPhone owners had reported instances of browser crashes when browsing websites and listening to the iPod at the same time. This has apparently been fixed or improved.

Other obscure updates are showing up. The iPhone passcode feature now reportedly has additional timing options. Previously only "immediately" and 1 minute were available. Now users can select from additional options 5, 10, 15, 30 and 60 minutes. Users are also reporting fixes to the battery meter bug.

The most subjective of reported fixes is in regards to the iPhone speakerphone and earpiece volume. Many users are reporting much improved volume. Unfortunately, it seems as though for every user who reports improved volume, another refutes the claim.