Apple has just released iPhone and iPod Touch OS 3.1.1 which is now officially up and available for downloading via iTunes, as iPhone users can easily get it for free, while iPod touch owners will need to shell out ONLY $4.95 this time. The latest upgrade seems to include a new ringtone store that offers over 30,000 ringtones, listed at $1.29 each, while the other app store, is now having a Genius recommendations system paired with new syncing features and a cool application managing support.

Update: New update is sized around 283MB. We keep hearing about wifi issues from several people who already installed the new OS. Apparently, their iPhone device has lost any connection with local wireless routers, after loading up the 3.1.1 version. Will keep you updated about this problem and others.