UPDATE: Apple has posted [1] iTunes 7.3 update.

According to some tips on Apple's web site, an update of iTunes should be released very soon.

The update will bring the software version to 7.3 and will be required so as to activate the iPhone.

The new update will also enable sync of music, movies, TV shows, calendars and address book with the iPhone.

There is also some speculation that the update will allow the conversion of songs bought on iTunes to ring tones for an additional $0.99 one time fee.