The official Apple iPhone 3.0 OS release time has not yet been confirmed by the company, but based on previous roll outs of the company, tech watchers are speculating the update will be out at 10am PST or 1pm EST.

Apple usually begins popular keynotes or makes key announcements at 10 PST which is leading many to predict that the iPhone 2.0 OS update will follow that trend.

However, Endgadget is speculating that “an OS 3.0 can release anytime between 1700 and 1930 in London or between noon and 2:30pm in New York”.

The download, which will be made via iTunes, should be roughly synchronous worldwide, for instance occurring at 6PM in the UK, and later in Asia and the rest of Europe.

The OS update is available for free to current iPhone owners and for $9.95 for iPod touch owners.

The update adds a number of demanded features to the iPhone OS, such as tethering, MMS messaging, turn-by-turn navigation and copy, cut and paste. Users can also buy or rent movies directly from their iPhone.

A Stereo Bluetooth capability will also allow iTouch users to enjoy such content with compatible headphones, while Peer to Peer (P2P) gaming “will make it easy to play head-to-head with a friend — whether your friend is sitting next to you or across the country,” the Mac maker said on its website.

The Landscape Keyboard is also a new feature present in iPhone OS 3.0 which aims to make typing smoother.

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