It will be available starting June 19. See an overview on the Apple site. Looks excellent! Key improvements include:
- 2 times faster
- Built in video camera (finally! — although I know you could take video before if you “unlocked” it)
- Voice control — play music or place a call by voice
- Compass
- Spotlight search so you can search across the whole device (finally)
- Send photos and videos in your SMS
- Copy and paste (part of the software update, so it sounds like you have this even if you don’t upgrade the phone)