While the iPhone OS version 2.0.1 is rumored already, I installed the latest build of the 2.0 version this morning. Like AppleInsider has reported in some detail, the build number of the OS that is originally deployed on the device suggests that it is two builds behind of what is available using the restore process through iTunes.

After clicking the restore button on the iPhone / Summary Tab in iTunes, the 225 MB file is downloaded, followed by displaying of this dialog:

This is then followed by several progress indicators for

• Preparing iPhone software for restore...
• Restoring iPhone software...
• Verifying iPhone software...

Eventually the iPhone software has be deployed but at this point all personal data as well as all recently installed application are still missing. Like the dialog states, the iPhone has been restored to "factory settings" but a newer version of those.

However, a quick (or if you already had lots of stuff stored on your iPhone - a not so quick) re-sync will put everything back in place.

On the iPhone, the settings application will show the OS's build number under General and About.