Live from Yerba Buena Center: Standing ovation for Steve Jobs as he enters the stage.

The new iPhone / iTouce 3.1 will include

• ready-made iTunes ringtones from 4 labels at $1.99 each
• new iTunes supports app management within iTunes, you can drag apps around the page
• a Genius DJ that automatically plays a endless mix of songs from your library based on what you liked
• Genius for apps so you can search for new apps based on apps you already own

Price drop on the new iTouch: 8GB for $199, 16GB for $229, 32GB for $299, and the brand new 64GB for $399. Apple has found that $199 is the magic price for the iPod/iTouch. When then lowered the price from $249 to $199, their weekly sales doubled. iTouch is the cheapest gateway to the Apple App Store.