Today Apple has released 3.1.2 (7D11) firmware update.
According to the release notes, it fixes for the following issues:
• Resolves sporadic issue that may cause iPhone to not
wake from sleep
• Resolves intermittent issue that may interrupt cellular
network services until restart
• Fixes bug that could cause occasional crash during
video streaming
There is no new baseband update in this firmware release.
The update can be downloaded from Apple via this direct link: iPhone1,1_3.1.2_7D11_Restore.ipsw
As always, the iPhone Dev-Team warns against the update if you care about jailbreak and/or hacktivation, as there are currently no jailbreaking tools compatible with 3.1.2.
However, it is possible to update (not restore) from 3.1 while keeping activation.

