Next time you load up iTunes and enter the App Store, Apple will ask you to accept new terms and conditions. This happens pretty often, but the changes in question now include the ability to send "Gifts" of apps to your iPhone-toting friends and family.
Sending gifts with iTunes was previously limited to music and video only. The options when clicking on an iPhone app for purchase now read, Gift This App, Add to Wish List, Tell a Friend, Copy Link, Share on Facebook, Share on Twitter.
After clicking Gift This App, a customized greeting can be entered and the recipient of the gift will receive a redemption code to collect their application software. The gift can be send via email or using a printed greeting. Gifts can't be used to send in-app purchases, in-app subscriptions, upgrades, or the iPod Touch operating system. Senders are responsible for making sure they don't send a program that violates parental control settings or is incompatible with the recipient's hardware or OS.
Gifting of music has taken off in iTunes since the feature was introduced, and the App Store will probably be no different. It's an easy thing to send during the holidays or for other special events. Developers are likely to see increased revenue (as will Apple) as a result of the new gift features.