UPDATE: The iPhone 3.0 update was available for download starting 1 pm EST.

UPDATE: Based on previous roll outs made by Apple, tech watchers are speculating the iPhone 3.0 update will be out at 10am PST or 1pm EST. Read more.

Apple iPhone 3.0 Update will be released today June 17, according to the Apple iPhone website.

However, the Website did not confirm the time that the software download will be made available.

The iPhone 3.0 boasts new features which will allow users to cut, copy and pasting text between applications. The OS will offer a landscape keyboard for easier typing and will also allow users to send MMS.

Spotlight search offers a one-stop search which visits every application on the phone for the search item, so the user does not need to hop from one application to another. Voice memos will be offered which convert an iPhone to a sound recorder that can record meetings. The Enhanced Stocks App is something that will also be useful to owners who are into the Stock Market trade.

iPhone 3.0 will be a free release for all iPhone customers -- both original iPhone users and iPhone 3G users will be able to download it at no charge once it's released. iPod touch customers can download the new release for $9.95, and it will work on first- and second-generation iPod touch models.

Check out the Apple iPhone OS 3.0 software update page for a full list of features available.