UPDATE - iPhone App Store Downloads Cross 1.5 Billion In First Year

Per Silicon Alley..."More than 1.5 billion applications were downloaded from Apple's (AAPL) iPhone App Store in one year, the company said today.

Calling it "the largest applications store in the world," Apple said its app store currently has more than 65,000 apps and 100,000 developers in its iPhone Developer Program.

Apple also said it has shipped more than 40 million devices -- iPod Touches and iPhones -- that use the app store."

Amazing!