How can I setup IMAP for GMail on my iPhone?

Google has recently added IMAP as an available protocol for their GMail. This is a long awaited feature for GMail users (not just GMail iPhone users) as it allows for true synchronization between GMail and offline mail readers.

UPDATE: Now iPhone users can simply choose "GMail" from the list of built-in accounts when adding a new email account. Navigate to Settings -> Mail, Contacts, Calendars -> Add Account -> Gmail and enter your account Address and Password. Touch "Save" and it will connect automatically.

Old information follows:

Google has offered two sources of easy to follow instructions, a text version and a video, for setting up GMail reading via IMAP on the iPhone. Both are copied below:

GMail via IMAP on the Apple iPhone: Text Instructions

1. Enable IMAP in your Gmail account settings.
2. Tap Settings.
3. Tap Mail.
4. Tap Add Account.
5. Tap Other. (Note: don't tap Gmail; if you do, you'll set up POP rather than IMAP. We are aware of this issue and are currently working to make setting up Gmail more intuitive for the iPhone.)
6. Make sure that:
   • The IMAP tab is highlighted
   • Host Name is imap.gmail.com
   • User Name is your full Gmail address, including '@gmail.com'
   • For Outgoing Mail Server (SMTP), Host Name is smtp.gmail.com
7. Tap Save.

And you're done. You can verify your Advanced settings by tapping Settings > [your Gmail IMAP Account] > Advanced.

Incoming Settings
Use SSL: ON
Authentication: password
Server Port: 993

Outgoing Settings
Use SSL: ON
Authentication: Password
Server Port: 587

GMail via IMAP on the Apple iPhone: Video Instructions