It didn't take Apple long after the
release of its iPhone OS v3.0 to begin preparing for the first major update to the new OS. Apple has
announced the availability of a beta of its OS v3.1 along with a 3.1 version SDK, for its developers.
IPhone OS v3.1 will improve video editing, one of the hot new features on the iPhone 3G S. The 3G S allows users to edit videos by selecting or deselecting series of frames, however, the edits automatically overwrote the original. Now the system prompts the user with the option to save a copy, when saving your editing work.
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Source: Dailytech