The Apple Phone Show Weblog reports that GarageBand Version 4.1.1 (the update that was released yesterday), includes a fix for the “Send Ringtone to iTunes” feature that’s found in the “Share” menu. The article implies that they tested this feature and it works.
This gives iPhone users another way to create custom ringtones, in addition to the feature in the The iTunes Music Store, and third-party utilities like iToner and iPhoneRingToneMaker.
GarageBand is part of iLife ’08.