Apple has confirmed that, yes indeed, the widely publicized iPhone security flaw will be patched sometime in September. The exploit, which allows access to locked iPhones (by pressing emergency call from the unlock screen and then pressing the "home" button twice), was confirmed by Apple today.
In an email to MacWorld, apple rep Jennifer Bowcock said, "The minor iPhone security issue which surfaced this week is fixed in a software update which will be released in September."
The September release of Apple's 2.1 firmware is gearing up to be a momentous occasion, as MacRumors notes:
The list of issues to be addressed or new features to be released is ever increasing. The list now includes this security fix, fix for iPhone app crashing, 3G connectivity improvements (partially addressed by 2.0.2), and "push" background services for applications.
In the meantime, iPhone users can protect against the hack by changing their settings. Adjusting the double-clicking of the "home" button to route to the home screen will enable the unlock screen for locked iPhones.
