Apple barely scratched the surface on all of the new features in store for the iPhone OS 3.0. Apple apparently decided to save a few pleasant surprises for the official release of iPhone OS 3.0. Two biggies are: video recording and Internet tethering functionalities.
Internet tethering allows the user to share their cellular data network to their desktop machines over bluetooth or USB.

iPhone Internet Tethering Settings

Internet Tethering
In addition, subscribers to Appleās MobileMe suite of cloud services will be able to locate stolen a device geographically using the web interface.
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