Apple has released iPhone Configuration Utility 3.2. It’s a 10.17MB download, requires Mac OS X 10.6 or higher and can be downloaded via the Software Updates component of Mac OS X’s Systems Preferences app.

The iPhone Configuration Utility lets you create, maintain, encrypt, and install configuration profiles, track and install provisioning profiles and authorized applications, and capture device information including console logs. Apple hasn’t said what’s changed with version 3.2.
Configuration profiles are XML files that contain device security policies, VPN configuration information, Wi-Fi settings, APN settings, Exchange account settings, mail settings, and certificates that permit iPhone and iPod touch to work with your enterprise systems.