If the source is to be believed, this update will bring multitasking and a new interface. First, there will be "A few new ways" to run applications in the background, which means multitasking -- something developers and users have wanted for a long time. Also, multi-touch gestures "...will be OS-wide," which makes sense if we're to believe that the tablet OS is preventing the iPhone OS release.
Other rumor nuggets include improved navigation (which was on our list of requests) and improved syncing for contacts and calendar apps. Finally, the update will be limited to the iPhone 3G and 3GS (we assume this also includes the iPod touch), and will "...make them more like full-fledged computers."
Now, we know that a single iPhone OS release may offer platform-specific features. For example, VoiceOver and Accessibility, as well as hardware features like Magnetometers, are not available on iPhones earlier than the 3GS. For that reason, we're unconvinced that the anticipated "Multitouch Revolution" expected for the tablet device will extend in all of its glory to the iPhone. In other words ...
Is it the 27th yet?