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Apple held their widely anticipated iPhone OS 3.0 preview today in Cupertino, California. There are 100 new features on the way in the new operating system, which will ship this summer and cost nothing for existing iPhone users (iPod Touch users will pay $9.95 for the update).

Scott Forstall, the head of iPhone software development, described iPhone OS 3.0 as "a major update to the operating system." Here's a list of the features announced at the event:

Billed as an advance preview, Apple's March 17th event to discuss the iPhone OS 3.0 software and SDK is generating quite a buzz. Most speculation revolving around the event has rehashed old, tired rumors about features that have failed to materialize on the iPhone, however there are some new developments.

Two of the most interesting new firmware 3.0 predictions are reports of a revised SpringBoard and possible iPhone support for magnetometers. A update to the SpringBoard could include features to help organize multiple applications into folders or categories on the home screen. Magnetometer? Think digital compass, à la Android G1.

AT&T may begin offering its customers discounts on new phones if they trade in an older model. Rumors of a possible June launch to the program have iPhone enthusiasts buzzing about the implications. The possibility of a next-generation iPhone launch to coincide with a trade-in policy means users returning their old phone could get up to $200 back if the device is in good shape.

Preliminary rules indicate the phone being returned can't be more than two years old. Depending on what shape the phone is in and the model, trade-ins will net the customer $50 to $200 bucks off their purchase of a new phone.