Apple kicks off its Town Hall meeting about the iPhone SDK road map at 1 p.m. Eastern today. Check back here for constant updates on the breaking news, meta liveblog style! Updated: Full Microsoft Exchange support! Update 2: iTunes Apps Store!

12:58 p.m. -- According to Engadget, things are just about to get under way!

1:03 p.m. -- Steve is out, has welcomed everyone, and is going over iPhone statistics, as per his usual method of sharing info. He has passed the baton to Phil Schiller to talk about enterprise-related news.

1:08 p.m. -- Schiller is diving into examples of enterprise and university deployments of the iPhone. And the big enterprise announcements are: Push E-Mail, Push Calendar, Push Contacts, Global Address List, Cisco VPN, Certificates and WPA2/802.1x, Security Policies, Device Configuration, and Remote Wipe.

1:10 p.m. -- Schiller: "Our customers have asked us to build in MS Exchange right into the iPhone -- we have licensed ActiveSync for the iPhone."

1:13 p.m. -- Schiller: "Microsoft has come up with a much more advanced architecture, where the iPhone can work directly with the Exchange server in a more reliable and affordable way. We're building Exchange support so you get push e-mail, push calendaring, push contacts, global address lists, and the ability to remote wipe it."

Native Exchange client specifically for the iPhone. You can turn it all on and off, and customize which you want to sync, and which you don't. Cool!

1:20 p.m. -- The iPhone is getting full Microsoft Exchange support, including enterprise security features, configuration, and even remote device wipe. They have tossed the baton over to Scott Forstall to go over SDK details.

Here we go, SDK details coming at ya!!!

1:26 p.m. -- Forstall is going into details about the iPhone's core services and breaking down its architecture. Says Apple is a "platform company." It took the three central elements of OS X and ported them to the iPhone. IT is using those elements to create SDK.

1:29 p.m. -- Forstall says: Developers will be able to use the same SDK that Apple does to develop iPhone apps.

1:32 p.m. -- Forstall is going into deep details about the iPhone's basic architecture and how developers will be able to use its core functions to create applications that can access different APIs within the iPhone. The SDK will include an interface builder for developers to use.

1:37 p.m. -- So it looks like there are four main tools to use in the SDK: Xcode, Interface Builder, Instruments, and iPhone Simulator.

1:39 p.m. -- Forstall demoed how to make a quick Hello, World! app using the iPhone Simulator on an iMac.

1:42 p.m. -- So they showed off what sort of app they could write in two minutes. Now they are showing off something that took them two days to build, called TouchFX, an app (looks similar to Kai's Goo) that lets you create certain effects on pictures stored on the iPhone. Neat.

1:46 p.m. -- Now they are demoing a game that took them two WEEKS to develop. It is called Touch Fighter. It is a space shoot-em-up that looks amazing. Just touch the screen to aim and fire. Steer the fighter with the on-board accelerometer. Now we are getting somewhere!

1:49 p.m. -- Apple then invited some other developers to take a shot at using the never-before-seen SDK and see what THEY could come up with in two weeks. EA is showing off a version of its Spore game, which also uses the accelerometer to interact with the game. Up next, Salesforce.com...

1:56 p.m. -- The Salesforce.com representative showed off a version of its application that includes sales figures and statistics, and how it can be integrated with the map for directions.

Next up is a representative from AOL. He is showing off AOL Instant Messenger on the iPhone. Who knows if/when AIM will actually be made available on the iPhone, but that's a start. A chat client is dearly needed.

2:03 p.m. -- They keep showing off more and more applications from other developers. No word on availability yet!!!

2:05 p.m. -- Steve Jobs is back to talk about how to get the kit, etc. About darned time.

2:07 p.m. -- iTunes App store!!! It's a native program that will come on the next firmware update. It can load over EDGE and Wi-Fi. Looks like installer.app, but with icons. It has top 50 apps and search. And you can sideload over the cable, but direct install is the way Steve thinks most will. The apps will automatically update programs, like installer.app.

2:20 p.m. -- So the developers can get the SDK for free starting later today in a beta release. An official full version will be made available later. None of the applications will work with the iPhone until the iPhone 2.0 firmware upgrade is made available, which won't be until JUNE!!! So this means no apps will be available for at least three months. Dang. It will cost developers $99 to publish applications.

2:26 p.m. -- Steve announced a $100 million iPhone apps developers fund. Create great stuff for the iPhone, earn yourself part of that fund.

It's Q&A time. First question, should RIM be worried? Steve's response: Go ask them.

Another person asked about VoIP services. Steve said the iPhone will be allowed to support VoIP via Wi-Fi, but not EDGE.

OK, folks, I am outta here. We hope you enjoyed Over The Air's first meta liveblog!

Thank you to Mark Hendrickson at CrunchGear; Brian Lam at Gizmodo; Ryan Block at Engadget; Jason Snell at MacWorld; and Danny Dumas at Wired for being our eyes, ears, and fingers on the ground in Cupertino!