According to the letter from the Motorola Owner's Forum and the Motorola Feedback Network, the limited update, which will be "invisable" to XOOM users, merely increases support for Verizon's pay-as-you-go customers. That's all there is to it, folks! Those participating in the project are asked not to make any public statements about it.
If you own a Motorola XOOM and pay Verizon for service on a month-to month basis, and are a member of the Motorola Owner's Forum, this update and project would be for you. Otherwise, just forget we ever told you about it in the first place.