No, it's not the iPhone OS 3.2 that was installed on the iPad's at last weeks announcement, but it's an iPhone update nontheless. Apple today pushed out iPhone OS 3.1.3 as a Software Update via iTunes. To get it, connect your phone via USB (ahem!) and push the "Update button" on the iPhone's summary tab.
iPhone OS 3.1.3 offers the following stated improvements:
It's hundredth's decimal place indicates that this update isn't that significant and it's most likely been completed for a while but Apple was holding it until after the iPad announcement.
Be warned though: it's certain to break your iPhone's unlock and/or jailbreak, so keep that in mind too :)