It is not 3.2 as the iPad.  The upgrade for your iPhone that Apple just issued is a minor upgrade to your iPhone.

The new iPhoneOS upgrade offer a few fixes and enhancements to you iPhone:

  • Improves accuracy of reported battery level on iPhone 3GS
  • Resolves issue where third-party apps would not launch in some instances
  • Fixes bug that may cause an app to crash when using the Japanese Kana keyboard

Although it may not be a no big deal for many of you, you can still update your iPhone to get the latest OS from Apple.