Macworld UK has apparently heard it through the grape vine (or apple tree?) that Apple has secured some ad time for the iPhone during tonight's 79th annual Academy Awards ceremony. The proceedings kick off at 8 pm EST on ABC, and the ad was apparently "made for the Oscars," though no more details are available just yet.
I honestly wasn't planning on watching the Oscars, but now I'm hoping that Macworld hasn't gone the way of pageview-baiting because I just fired up the microwave for a jumbo popcorn session. Oh the things we do in the name of TUAW.
Update: The commercial has aired, see here for the recap and here for the video.