The update comes in at a cool 32 MB, and is of the over-the-air variety. So you should receive a notification when it’s available for your particular device. If you’re the impatient type, you can of course always manually check for updates through the Settings menu.
The update is still listed by Verizon as ‘Coming Soon’, but Android Central says it’s out. And even if it isn’t, at this point it’s probably well on its way, so you’ll only need to be patient for a little while longer.
As for what it brings, conspicuously absent is something you may have been expecting: Google Chat video support. As for what is actually in, it all sounds like one minor bug fix here, and one there. Email sync reliability has been improved, the Visual Voice Mail app has been improved, you can now dial the “+1″ prefix when roaming in CDMA networks, you also get an option to set Data roaming for ‘all trips’ or ‘individual trips’, and there were also some improvements to sending and receiving messages while roaming.
Of course, the update may contain other unspecified things, which is why it’s probably better to update than not to. Full instructions are available in this PDF. The entire list of benefits of this update is available in this PDF. Happy updating!