A QuickTime stream of Apple’s iPhone 3.0 media event has been posted. The event revealed a massive list of new features for developers and end-users.

The iPhone 3.0 software will be available to existing iPhone and iPod Touch users in the summer. Meanwhile, a beta version of the software is available to registered developers starting today.

New features will include :

In-App Purchasing: Allows developers to sell additional content from within applications. Highlighted uses include magazine subscriptions, eBooks, additional levels and items for games.
- Peer-to-Peer Connectivity: Find other devices running the app via Bonjour over Wi-Fi of Bluetooth. Good for gaming, but also other applications for sharing data.
- Third-Party Accessory Apps: Allowing accessory manufacturers to create applications to interface with their hardware accessories.
- Push Notification: Rather than using background processes that hamper battery life, utilize third-party server to push badge, text, and audio alerts from applications.
- Turn by Turn: Apple will allow developers to use CoreLocation for turn-by-turn GPS directions.
- Cut, Copy and Paste: Available across all apps. Shake to undo or redo.
- Landscape keyboard: Available in all key applications, including Mail.
- MMS: Picture messaging now available.
- Voice Memos: Record notes, lectures, interviews, etc.
- Spotlight Search: Available across all applications. Systemwide search available from main home screen by flicking to the left.
- A2DP Bluetooth: Support for stereo bluetooth headsets.

Sources : Apple , Macrumors

Update!
According to iphoneislam.com the beta version of firmware 3.0 has full Arabic support on the iphone!