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When you buy an application from the App Store and download it to your iPhone, iPhone will automatically tell you whenever an update is available. A red number will appear on the App Store icon, telling you how many updates are ready to download. That way, you always have access to the latest version.

There are already more than 1,700 Web Apps available on the store, and many of them are FREE! Among the free applications now available are AOL Shopper, several social networking apps, an (official) eBay tracker, an intriguing news service called Mint which allows you to access Reuters in several languages, as well as podcast services, and many more which will no doubt be reviewed here on iPhonefreak in the weeks to come.

Of course many of the applications do cost money. For example, there is a ringtone service that runs $1.98/month or $19.95/year. You can also pay to access to your PC from your iPhone (Mac users can only see a Windows partition) with Files2Phones (for $8.33 a month with a 12 month license purchase).

To visit Apple’s new App Store all you need is a copy of iTunes 7.7, from there you can easily navigate to the App Store via the iTunes Store.

The link to the App Store is conveniently located in the upper left-hand corner of the iTunes Store, directly under “iPod Games.”