I am sure there will be an update for the iPhone, for multiple reasons. They will need to make sure the iPhone will be compatible, and they will likely be adding a ringtones section. The list goes on, but I think you get it.
I would guess that there will be an iTunes update to allow it to recognize and work with the iPhone if the recent 7.2 update doesn't already. Otherwise, you shouldn't need to do anything else.
I would guess that there will be an iTunes update to allow it to recognize and work with the iPhone if the recent 7.2 update doesn't already. Otherwise, you shouldn't need to do anything else.