Firmware 3.0.1 is now available for the iPhone, iPhone 3G and iPhone 3GS through iTunes. The update is around 300MB. Apparently, there is no new features or fixes other than the text message exploit patch.
The technique involves sending only one unusual text character or else a series of “invisible” messages that confuse the phone and open the door to attack. The hack was demonstrated at the Black Hat 2009 conference in Las Vegas. The attack takes advantage of a vulnerability in the phone’s short messaging service, or SMS, feature, allowing an outside party into the phone’s root access without the owner’s knowledge.