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According to the folks at AppleInsider, the wireless specs inside the iPhone 3.0 beta point to a Broadcom radio that supports 802.11n. The Broadcom BCM4325's radio is a substantial upgrade to the current radio in the iPhone 3G.
Well, 9to5Mac dug a little deeper and found out that the new Broadcom radio also supports the ability to send and receive FM transmission. The current iPhone only supports receiving transmission. This feature is in use by the Nike+ accessory that gets shoved in your shoe.
While the current radio, and expected new radio, both support the ability to receive FM transmissions from your favorite radio station, Apple has yet to enable this function on the iPhone and it's unclear if they will.
What they could enable is the new Broadcom BCM4325's ability to transmit FM radio signals. This would give the iPhone the ability to send music to any radio in the immediate area much like the third-party FM transmitters on the market. You could get in a friend's vehicle and share your new favorite song without lugging about a another cable.