Software update 1.0.1 came out for the iPhone yesterday. It was mainly a security update with no really noticeable changes. However, I did notice that Apple fixed the UI problem on the usage screen where the text for the current period call time was being cut off.
Unfortunately, the update process didn't go smoothly for me. Since I had hacked my iPhone just a few days prior, I had to do a full system restore, which wipes all the data and settings. After the system restore, iTunes will offer to restore your settings from a backup. While most settings got restored, there were a few that did not. The most important and irritating of these missing items was the camera roll photos. I lost about 20 photos that I took with my iPhone. The other things that didn't get restored were my YouTube bookmarks and saved passwords (voicemail, email, and wifi).