Apple today updated the software for both iPhone and iPod touch. Software version 1.1.4 has no change list associated with it, other than Apple’s generic statement of “Bug fixes.”
The update however is rumored to be necessary to enable third-party applications to run with Apple’s upcoming Software Development Kit (SDK) for the devices. Previously, hackers had released Apple’s software pre-shared key contained in firmware version 1.1.3, which could have allowed (potentially) for unsigned applications to run inside Apple’s secure environment, and mimic signed applications.
Both updates are now available for update inside of iTunes.