This new update, which somehow still doesn’t hit a major version number, could be released as early as this weekend. The two main features, other than some likely bundled bug fixes and such, are the voice recording and disk mode.
Voice recording would allow you to record conversations, lectures, business meetings, stuff of that nature, and with easy access to something that could record those items, you could probably find more ways to use it. The disk mode feature would do two things, first, it would likely give you full access to the file system of the iPhone, not that big of a deal, but it’ll be nice for the iPhone Dev Team to not have to work for it anymore.
The second feature disk mode will grant you is the ability to use the iPhone like a giant 8GB flash drive should they choose to. If you want music and videos to play on the iPhone, you’ll have to still use iTunes and import them properly, but you’ll be able to store documents, programs, things of that nature on the iPhone’s flash drive, presumably without the need for iTunes.
iPhone 1.1.3 to bring voice capture, disk mode? [via electronista]