The new update that was much awaited is here finally, its True: Let me get down to the chase if new features that you will find in this update.
New Features:
-Voice Dialing
-New Language Compatibility’s

-Lyrics support for your music, now you can sing with the right words and not mess up.
Chapter Option
Settings Features
-Pagination on your Home screen is now a feature.
-One cool thing about this 1.1.3 version is, if you hold on the icon’s a couple of seconds until the icons start wiggling, you then move around and customize your icon settings.Multiple SMS messaging option now available, However cut and paste feature is not confirmed which many feel a necessary function, maybe on the iphone 1.1.4 firmware update or something. Google Maps has some added features in this release to help you locate yourself using GPS triangulation technology.

Your iphone 1.1.3 update also has an Hybrid version of Google maps.This first got reported in Andrews blog on December 30th 07 and it was not confirmed until recently.

iphone1.1.3