I couldn’t be any happier about this new. I’ve been waiting for these additions and updates to the iPhone since I got my first iPhone 2G back in 2007. Some of the new additions.

• Cut, copy and paste. At last! You can shake the phone to undo and redo the action, and it works with both text and photos, allowing Mail to send multiple photos at a time. (more here)
• MMS, along with forward and delete for multiple messages. (more here)
• A2DP stereo Bluetooth.
• Unlocked Bluetooth functionality on 2G iPod touch. (more here)
• Spotlight has been added to a new home screen page to the left of existing pages, allowing for universal search on the phone. (more here)
• Tethering is built into 3.0, and Apple will work with carriers on that — who will have the last say on its implementation, most likely.
• App Store will be available in 77 countries.
• Parental controls for TV shows, movies and App Store apps.
• Auto-login for WiFi hotspots.

Head over to engadget for a full list of updates and a photo gallery of the new features.