This evening Apple made iPhone software version 1.0.1 available to the masses via iTunes, an update that primarily addresses security issues. Perhaps the biggest security fix in this update is “Safari - CVE-ID: CVE-2007-3944″ which emerged last week and allowed the iPhone to be completely taken over by a Web site serving up malicious code. There are reports of other features that iPhone owners are seeing that were not there pre-update, but nothing official has been announced from Apple.

For your viewing enjoyment here are some screenshots I captured during the updating process:

1) New iPhone software version 1.0.1 available

2) iPhone software update important information

3) iPhone software update license agreement

4) Extracting iPhone software update package

5) Verifying existing iPhone software

6) Updating iPhone firmware

7) Updating iPhone software

8 ) Verifying updated iPhone software

9) iPhone has been updated and is restarting

10) iPhone software version 1.0.1 as displayed in iTunes after updating

All-in-all a useful little update that is well worth installing (who wants their iPhone taken over?). However it’s clearly not the big update we’re all hoping for with MMS messaging capability, a filesystem that we can save to, and MS Exchange support, but every little bit helps.