I know, I know. 4.0.2 sounds a lot like Android 4.0, but it isn't. It's actually Gingerbread 2.3.4, and Verizon Xperia Play owners who wish to rock out like it's May 2011 need only mash the update button.
The good news (in addition to the version bump) is that this update will let you take pictures with the right trigger (how did they not think of that earlier?), enable 720p video with continuous autofocus, and fix those crazy bugs like charging forcing landscape mode. You also get to take screenshots with the power button. The bad news is that it will install Verizon Video on Demand and Verizon Navigator.