The iPhone software update that Steve Jobs mentioned today in the Keynote is available via iTunes. The update weighs in around 160MB. On my locked un-jailbroken iPhone, I didn’t run into any issues during the update. Other than taking a while to download on the hotel network, the update was a non-event. So why should you update your iPhone? The 1.1.3 iPhone software update includes the following:

• Updated Google Maps application
  • Find location feature
  • Improved UI
• Multiple recipients for SMS text messages
• Customizable home screen
  • Rearrange icons
  • Add Safari bookmarks to the home screen
  • Create up to 9 home screen pages
• IMAP support for Gmail
• Support for iTunes Store movie rentals
• Video player updates
  • Chapters
  • Subtitles
  • Alternate language tracks
• Lyrics support in iPod