iPhone and iPod Touch users across the Web are reporting today that Apple (NSDQ: AAPL) has released the latest firmware version for both devices. So far, the update seems to be minor and fix a couple of bugs, but experts warn that if you have third-party applications or a hacked iPhone, you should wait to download the latest version.

CNet News.com: “The last update, 1.1.3, introduced a few new capabilities such as the ability to customize the home page, but the only thing noted as new in 1.1.4 are ‘bug fixes,’ which are probably welcome.”

IntoMobile.com: “The new code ‘fixes bugs and supersedes all previous versions,’ so if you like your third-party applications and all the joy that comes with a jailbroken iPhone, you’ll want to stay away from the iPhone v1.1.4 firmware. At least, you’ll want to hold off on updating to the new firmware until the iPhone hacking community jailbreaks the iPhone v1.1.4 firmware.”

There’s no word that the new version will support Flash, as Adobe Systems (NSDQ: ADBE) had been hoping. Also no evidence that the new firmware has anything to do with the iPhone SDK that was expected this week or by the end of February.

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