Looks like Apple pulled the trigger on patching that nasty iPhone SMS vulnerability a little earlier than we expected -- the iPhone OS 3.0.1 update just hit iTunes. It's not some lightweight, either: you're looking at 280MB of love here, so get downloading, friends.

Update:
Here's what Apple rep Tom Neumayr had to say about this little episode.
We appreciate the information provided to us about SMS vulnerabilities which affect several mobile phone platforms. This morning, less than 24 hours after a demonstration of this exploit, we've issued a free software update that eliminates the vulnerability from the iPhone. Contrary to what's been reported, no one has been able to take control of the iPhone to gain access to personal information using this exploit.
Well... what do you know about that?

[Thanks to everyone who sent this in]