Good Gear Guide
In pictures: New features in iPhone Software Updat...
Share Contacts and Manage Individual SMS Messages
Individual contact pages have been tweaked slightly so you can view call history with the contact, and even share the contact with someone else by e-mail or MMS. The inability to send as a standard SMS means that you won't be sharing the contact too easily with iPhone users who haven't made the transition to Software Update 3.0.
Also making the cut in the software update is the ability to manage individual SMS messages. Hit the "Edit" button in an SMS thread and you can delete or forward individual SMS messages; definitely a handy feature.
In pictures: New features in iPhone Software Update 3.0