Thread title should be "iPhone Patch coming soon." Of course, there's always gonna be a patch for the published vulnerabilities, especially with the Black Hat con coming up.
A hardware update is much, much longer in coming, as in "sometime next year, perhaps, maybe, but don't count all the rumors..."
About ringtones: there's loads of money to be made in ringtones, for those that control and sell ringtones. So let's assume that ATT and Apple couldn't agree on how to partition that revenue source. ATT has the network, Apple has music, neither is particularly interested in letting you do your own ringtones without them getting some revenue, so it's a deadlock.
Meantime, with a little bit of googling, you'll find a hack to enable your own ringtones on the iPhone.