So rumors have been going around for awhile now and with Apple having an event on January 27th it looks like they will be announcing the new operating software for the iPhone.  This will be OS version 4.0 and according to BoyGeniusReport.com there will be some good changes

• There will be multi-touch gestures OS-wide. (Would make sense for that as the rumored OS for the iTablet is close if not the same as the iPhone)
• “A few new ways” to run applications in the background — multitasking.
• Many graphical and UI changes to make navigating through the OS easier and more efficient. We haven’t had this broken down, but we can only hope for improved notifications, a refreshed homescreen, etc.
• The update will supposedly be available for only the iPhone 3G and 3GS, but will “put them ahead in the smartphone market because it will make them more like full-fledged computers” more than any other phone to date. Everyone is “really excited.”
• The last piece of information is the most vague, but apparently there will be some brand new syncing ability for the contacts and calendar applications.

The downside is that it seems that it won’t work with the first generation iPhone (also known as iPhone 2G), but at least the others will get the latest software

We guess all we can do now is wait until January 27th.