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In anticipation of the release of the iPhone with 3.0 software, Apple plans to enable a new feature, allowing users to create an iTunes account directly from their iPhones.

Up until this point in time, iPhone users must already have an iTunes account before being able to purchase songs and other media from the iTunes store via their iPhones.

At this point in time nothing has been confirmed, but I do believe we will be hearing more of this feature as the summer release for 3.0 gets closer. The 3.0 update will be free for iPhone users, but will cost iPod Touch users $9.95.

[Engadget]