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The update went live just a moment ago, and I've successfully sent my first MMS on CNET's iPhone 3G. I was able to exchange photos both with another iPhone and a Samsung SPH-M330 on Sprint.
You'll need to connect to iTunes to receive the update, which should download in seconds. We were able to send an update immediately, but you may have to restart your iPhone first.
To confirm that your device is ready, go to Settings > General > About. Your carrier version should be "AT&T 5.5," and you'll need the latest iPhone 3.1 software update. Also, remember that owners of the original iPhone will miss out on the fun.