From Macworld

Apple said Thursday that it will control the sale and distribution of all iPhone software created by independent developers. The software will be distributed via a new program on the iPhone called App Store, as well as on Macs and PCs via a new section of the iTunes Store.

Unveiling App Store during Thursday’s iPhone briefing at Apple’s Cupertino headquarters, CEO Steve Jobs described App Store as “an application we’ve written to deliver apps to the iPhone. And we’re going to put it on every single iPhone with the next release of the software.”

That software—the iPhone 2.0 release—is slated for June and will also include the Software Development Kit announced Thursday. A beta of the SDK is available now from Apple.

The iPhone 2.0 release will be a free update for iPhone users. Jobs said the same software update will also be available to iPod touch owners, though they’ll be charged a fee, just as they were in January when Apple charged $19.95 for the 1.1.3 software update.

“The way we account for the iPhone is with subscription accounting, so we take the revenue over two years,” Jobs explained at Thursday’s briefing. “The way that we account for iPods is more normal accounting. And so, because of that, we have to charge a nominal fee… But we don’t look at this as a profit opportunity.”
The App Store

When it debuts, the App Store will borrow its look-and-feel from the iTunes Wi-Fi Store, the online retail outlet that allows iPhone and iPod touch users to buy music directly from their handheld devices. The App Store will break out items, categories, and top downloads into lists. A search function will help iPhone users find the applications they want.

Users tap the price of an application to download the software. A second tap will install it on the iPhone, either over a cell network or via Wi-Fi. Alternately, users can buy iPhone applications through iTunes running on a computer, installing them by synchronizing the iPhone.

Read the rest of the store at Macworld

According to gizmodo a new iPhone application is being developed (already working) to enable P2P on the iPhone.  This is exciting news for many but it is still in early stages of development.  A few things to note about this application as of right now.

• This is a command line client right now, which makes it much more difficult for the normal user.  You should wait until a GUI has been created.
• You have to use WiFi for this to work
• Your battery life will be reduced drastically

Link to application