The wait is over, people can now download Apple’s iPhone OS 3.0 software update for free!

To install, you basically need to do the following:

• Install the update using iTunes 8.2.  Download iTunes 8.2 and install it if you don’t already have it.
• Connect your iPhone to your computer
• Select your iPhone from the Devices in the List on the left, when the iTunes application opens
• In the Summary pane, click the Check for Update button and follow any further instructions.
• Done.