The next release of the iPhone OS, version 3.0, is set to release today, according to Apple. Unfortunately, for those looking for a clue as to the time when you can go into iTunes with your iPhone and get it, the answer is: not yet.

Typically, (and perhaps fortunately), the exact time of the iPhone OS 3.0 release has not been given by Apple. I say fortunately as it might actually reduce the hit on their servers, at least until the news hits Twitter. Reports are that you can go into the App Store and purchase the upgrade for an iPod touch (touches don't get a free upgrade), but can't get it yet.

Despite Apple's normal secrecy, leaks from carriers and others lead people to believe the iPhone OS 3.0 release time will be ... drum roll ... 1 PM EDT, which would be 10 AM PDT for us on the West Coast. We'll see. I'll continue to refresh iTunes to see if it comes in earlier.

Why the big excitement over the new OS? iPhone OS 3.0 has a host of new features, included the long-awaited Cut, Copy and Paste; MMS; Landscape Mode in emails, etc.; MobileMe Find My iPhone and Remote Wipe and a lot more. You can find the full list here.

The excitement over the iPhone OS 3.0 is only surpassed by the excitement over the iPhone 3G S, which is due to release on Friday.

Update: the release has gone out, and other than a blip as I did not have iTunes 8.2 on my laptop, things went fine. However, I had to reboot the phone twice as Internet connectivity wasn't working very well. Now all seems well.