Apple is releasing a free, 3.1 software update for the iPhone and iPod touch today. At a press event, Steve Jobs mentioned a few of the features, including ringtones and better App Store recommendations.

All four major record labels will sell a combined 30,000 ringtones, available for $1.29 each. Buyers will be able to preview and purchase the audio directly from their iPhones.

Similar to the music genius function, the store genius tool will recommend new apps based on your purchases. You'll access the tool directly from the iPhone or iPod touch. With Jobs noting that the App Store offers 75,000 products, those suggestions could help buyers dig through the deep catalog.

Jobs mentioned that the update would include bug fixes and other features. The new software wasn't yet live when this story ran, but check for it within iTunes later today.