RBC Capital Markets analysts spoke with Apple VP Greg Joswiak and came to a few speculative conclusions about Apple's plans.
They expect that "upcoming iPhone software updates would include new widgets, peer-to-peer applications (chat, picture messaging, social networking), location-based services, MMS support, home networking, and possibly some integration with Mac OS X Leopard." The first iPhone update is reportedly expected soon.
According to other notes, "Apple appears firmly committed to EDGE/GSM and its Q4CY07 European launch"