It’s that time of the year again for you iPhone owners out there. Apple has just announced and released iPhone OS 3.1.1 for the iPhone/iPod Touch.

Genius now comes with app recommendations, but what we’re certainly digging is the ability to now redeem iTunes Gift cards, codes, etc in the App Store as well as view available iTunes account credits in the App Store and iTune Store all on the iPhone. This latest firmware now also provides compatibility with the newly released iTunes 9. A new ringtones store is also being introduced in OS 3.1.1 with over 30,000 ringtones to choose from. Each ringtone is priced at $1.29 a piece. We’re not sure, though, if Apple has also already addressed the iPhone 3G S’ crippled battery life with this new update, and we’d surely love to hear from anyone who has any insight on this matter. You can read more about iPhone OS 3.1.1 here.

As usual, this is free for iPhone owners so there shouldn’t be any reason for you guys not to update. Unless, of course, you’re using a jailbroken/unlocked iPhone, but if not, then by all means, download and install this fully loaded firmware update and tell us what you think of Apple’s latest services on the iPhone .

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