Availability: As of right now it's still not available on iTunes (in the US), meaning if you really want to update you're going to have to manually download the firmware yourself.

New features: Foreign language support, including UK English, French, German and Italian. A battery status indicator in iTunes is all you get other than that.

Brick status: Jailbroken but non-unlocked phones are upgrading without any trouble.

Jailbreak status: Supposedly jailbroken using an as-of-yet unnamed method, but not actually applicable (released) to any phones yet. Consider it not jailbroken for any practical use. There are reports of downgrades from 1.1.2 to 1.1.1, however, in case you accidentally update your phone and want to revert. This hasn't been available to the public yet, so don't count on it being a safety net for you.

SIM Unlock status: Users report their phones re-locked after update. No news on unlock yet from either iPhoneSIMFree or the dev team.

Who should update right now: People in the US on AT&T who need foreign language support for some reason (like writing emails in French or German or Italian), but don't need third-party applications. Everyone who actually needs foreign language support probably lives outside the US, and therefore need SIM unlock to use their phones. In that case, you should not upgrade until a jailbreak and unlock has been released.

What's in it for iPod Touch: It actually supports adding and editing Calendar Events natively, without a patch. Although considering that you lose third-party applications and jailbreak status in exchange for a feature that you could already enable via a simple patch, it's not quite worth it.

Thanks to Tuaw comments for supplemental info.

Although Apple wasn't confirming that compatibility with unauthorized applications and unlocked iPhones will be broken, it looks like the situation will be similar to what happened last time the company released a firmware update with version 1.1.1. This new update won't bring much new stuff, except support for more languages and access to The Cloud Wi-Fi hotspots for UK users. And so another round of hacking on the iPhone begins, all on the sly until the eagerly awaited SDK hits in February. [Pocket Lint]

The biggest standard consumer-oriented change is probably that the phone supports 12 languages out of the box, along with special keyboards for French and German languages (we guess that the other languages see a more limited level of support).

There's also bundled free access to The Cloud Wi-Fi hotspots, which we've already seen in the European iPod Touch.

And like we said, no more iPhone hacking for a little while. [t3]