Apple Insider gives this list:
* Cut, Copy & Paste: Quickly cut, copy, and paste text from application to application. Select entire blocks of web text with a tap. Copy and paste images from the web, too.
* Landscape Keyboard: Rotate iPhone to landscape to use a larger keyboard in Mail, Messages, Notes, and Safari.
* MMS: Send MMS messages and include video, photos, audio, and contact info. Even tap to snap a picture or shoot a video right inside Messages. MMS support for U.S.-based AT&T customers won't be available until late summer.
* Spotlight Search: Find what you’re looking for across your iPhone, all from one place. Spotlight searches all of your contacts, email, calendars, and notes, as well as everything in your iPod.
* Voice Memos: Capture a memo, a meeting, or any audio recording on the go. Voice Memos works with the built-in iPhone microphone or with the mic on your headset.
* Improved Calendar: Create meetings via Microsoft Exchange ActiveSync and subscribe to calendars with new CalDAV support.
* Buy Movies, TV Shows, and Audiobooks: Download movies, TV shows, music videos, and audiobooks from the iTunes Store on your iPhone.
* Safari Improvements: Enjoy faster performance, autofill user names and passwords, and more.
* Internet Tethering: Share your Internet connection with your laptop with Internet tethering via Bluetooth or USB. Tethering is not currently offered in the U.S. and some other countries.
* Stereo Bluetooth: Connect compatible Bluetooth stereo headphones, car kits, or other accessories.
* Automatic Wi-Fi Login: Log in to a Wi-Fi hotspot and iPhone automatically logs you in when you connect again.
* Sync Notes: Never leave a note behind. Now you can sync all the notes you write on your iPhone back to your Mac or PC.
* Parental Controls: Decide what music, videos, and apps your kids can access.
* iTunes Store Account: Create and log in to one or more iTunes Store accounts directly from your iPhone.
* YouTube Login: Log in to your YouTube account to save and sync bookmarks and rate favorites.
* Shake to Shuffle: Give iPhone a shake and it shuffles to a different song in your music library.
* New Languages: iPhone supports 30 languages and more than 40 keyboard layouts.
* MobileMe Find My iPhone and Remote Wipe: Find your iPhone if you lose it and protect your privacy with Remote Wipe.
* Run the Latest Apps: Run the next generation of iPhone apps, like peer-to-peer games and more.