This is indeed a huge milestone! Chris on the #iphone-dev IRC channel just demonstrated a customized ringtone on the iPhone.
Chris says it best, “customized ringtones on the iPhone, boom!”
Update: HackTheiPhone.com laboriously detailed how to add your very own ringtones in 23 steps. The Windows version of the instruction is available here.
greeaaat! about time… now to find out ‘ how to! ‘
No kidding, I just want to know how I can add the 24 ringtone to my iPhone!
Apple would be foolish not to allow third party ringtones, like at iphone ringtones.