Listed on the 1.1.1 updates page is the following: 

iTunes Wi-Fi Music Store; Louder speakerphone and receiver volume  Home Button double-click shortcut to phone favorites of music controls  Space bar double-tap shortcut to intelligently insert period and space  Mail attachments are viewable in portrait and landscape  Stocks and cities in Stocks and Weather can be re-ordered  Apple Bluetooth Headset battery status in the Status Bar  Support for TV Out  Preference to turn off EDGE/GPRS when roaming internationally  New Passcode lock time intervals  Adjustable alert volume

Not bad for a incremental update but nothing earth shattering.  We think Apple could have called this 1.0.3 but when you juxtapose (triple word score) these features with what you get in the 1.0.2 HACK version you may want to pause..at least until everything becomes clearer.. Read on for the full comparison between the two OS’s. EDIT: ActuallyWired’s excellent artists have made a mockery of our HTML Table skillz and put up a much better graphic.  Check it: