Unfortunately, the update will not bring Android 4.2 to the device, but by the looks of it, it's still going to be a pretty major one. Among the things that will get improved are the hotspot, Bluetooth and wireless connectivity, as well as the sound quality through a headset.
Zooming in the stock browser will also be enhanced, and so will be the Recent Apps feature. Finally, users should be able to experience a more responsive Contacts app, as well as load videos on HuluPlus.
The update is yet to get published, but the appearance of this support page should mean that it's right around the corner.
source: Verizon via SlashGear