As hinted by some tips on the company's web site, Apple has updated iTunes to version 7.3, bringing support for the iPhone.

Here is the description provided by Apple:

With iTunes 7.3, you can now activate iPhone service and sync it with your music, TV shows, movies and more. Also, you can now wirelessly share and enjoy your favorite digital photos from any computer in your home with Apple TV.

The 34.0MB update is available for download either from the Software Update utility or from Apple's support web site [1].