One of the major complaints about the iPhone is the lack of custom ringtones available. To most it would just make sense that this was something that should have been included with the initial launch, this is a music phone after all. We also all knew that it was just a matter of time before someone would figure out a way to get it done, it’s just to bad that it is not coming from Apple (yet). Instead we have a nice, very detailed 23-step process on getting your favorite songs to be ringtones.
This process is said to work well but does not appear to be for the novice or faint of heart. It involves using Terminal and also replacing some system files that could turn your iPhone into a paperweight. Something that a lot of people (myself included) are just not going to be willing to risk. However you have to give credit where credit is due, and the guys over at #iphone-dev did a great job of getting this working and doing it very quickly. Currently this will only be able to be used if you are on an Intel based Mac. In the meantime we can still hope that Apple will update the software and get this available for everyone.
Read [My iTablet]
I am sure that the lack of custom ringtones was not an accidental ommission- more likely it was an agreement between Apple and AT&T so that the later can offer ringtones for $2.99 as we know the cellular companies do not make enough money from their standard data/voice plans (/sarcasm)