
The new Apple In-Ear Headphones are now available for purchase online at Apple.com for $79.99 with free shipping. The headphones were originally slated for an October 2008 release.
The most exciting feature of the heaphones are the dual drivers in each earpiece–a woofer and a tweeter. This feature is normally found in much more expensive headphones, although we’ll reserve judgment on Apple’s quality until we can review them ourselves.

The headphones also feature a microphone and a control button with three buttons: volume adjust, play/pause + call answer button, and record voice memo button.
No word yet on whether the volume controls and the voice record will work with the iPhone, but it seems likely.
Link:
Apple In-Ear Headphones with Dual Drivers at Apple.com

#1 by Claudini on December 3rd, 2008
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Just chatted with a guy from German apple store support. He told me the headset would work only as normal headphones on iPhone 3G (no microphone, no remote control) and would not work on an iPhone 1G at all.
#2 by Alan on December 5th, 2008
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Engadget says the microphone works too. Just not the volume clicker.
#3 by Timothy on December 13th, 2008
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Reports say that the headphones function the same as the packaged headphones from the iPhone 1G (Play, Pause, Skip). Volume is the only function that does not work, but most speculate that it will come through a software update.