The update also brings "Paper Artist" to the handset. This allows you to turn a photograph into a pencil sketch and then enhance it using tools on the phone. In addition, the Caller ID app has been revised and Flipboard is now pre-installed on the phone.
The changelist is long and you can check it out by looking at the image below. We should point out that the update takes 5 to 8 minutes to download and another 5 to 8 minutes to install. If you're like others, the installation process will probably feel like the longest 480 seconds of your life. The update is coming OTA, so be patient because not everyone will receive it today, tomorrow or even the next day.
source: Verizon via AndroidCentral