The latest iPhone firmware will be released tomorrow (November 9th). Do NOT upgrade if you have modified your phone in any way. Please wait until it is confirmed safe for modified phones. Personally I do not need the update as it is mainly designed for the European phone.
Apple has confirmed that the 1.1.2 firmware will be released internationally via iTunes tomorrow (November 9th). This new update only brings support for more languages and access to The Cloud Wi-Fi hotspots for UK users. There is no need to upgrade if everything is working for you and the Tiff Exploit to jailbreak, used at jailbreakme.com, will no longer work.