This iPhone OS update adresses the hullabaloo about SMS vulnerability. Get it while it's hot. Update:

Here's a statement from Apple on the software update:

We appreciate the information provided to us about SMS vulnerabilities which affect several mobile phone platforms. This morning, less than 24 hours after a demonstration of this exploit, we've issued a free software update that eliminates the vulnerability from the iPhone. Contrary to what's been reported, no one has been able to take control of the iPhone to gain access to personal information using this exploit.