Applying the update will see your iPhone bumped up to the spanking new version of iOS, known to its mates as version 5.1.1. Before you get too excited, don't expect any major changes to how your iPhone looks or operates. Apple states that the key updates include improved "reliability of the HDR photography option when shooting photos using the Lock Screen shortcut", as well as addressing "bugs that could prevent the new iPad from switching between 2G and 3G networks".
The update also tackles bugs affecting AirPlay video playback, issues with syncing Safari bookmarks and a problem where an 'Unable to purchase' alert pops up when you've successfully made a purchase from the App Store or iTunes.
Thankfully, you no longer need to update your phone or tablet using iTunes. All you need to do is head into the update software section and click to download and install. It's all done over the air. Very handy.
I personally haven't experienced any of the issues Apple references in the update so I'm not exactly bowled over by it. Security patching and general ironing out of bugs is always welcome though and will no doubt please those of you who've had trouble with these things.
Rumour has it that we might very well see the new iPhone 5 in June or October. That might well bring with it the latest iOS 6, so it could be that we won't see too many more updates to iOS 5. What iOS 6 will bring remains to be seen, but in the meantime, check out our complete guide to the iPhone 5 to get well and truly excited about what to expect.
Have you suffered from any of these bugs before? Are you glad that Apple has tackled them? Let me know in the comments below or over on our Facebook page.