According to Verizon, the quality of video playbacks seen directly from a website will be greatly improved after the update. When you are dialing *611 to call Verizon, the number will now show up on the screen. If you're using a messaging keyboard, Talk Back will now read each deleted letter. The number of times that the phone locks up should be reduced after the update, and the Verizon Cloud app now comes pre-loaded. After the update, multitasking feature QSlide will work with messaging and voice quality on the phone has been improved. Lastly, a Google security patch has been added.
The update started rolling out on Friday, but as usual with OTA updates, they are sent out on a staggered basis. That means you shouldn't be upset if the update didn't arrive tonight because it eventually will reach your phone. The size of the update is 172MB and the word around the water cooler is that the security patch will break root if you download and install the update, so keep that in mind if you've rooted your device.
source: Verizon via AndroidCentral