Well the good news is that yes it's an update and even though it includes JUST security fixes and perhaps fixes some undisclosed minor bugs, it's still something. (Note that there is nothing officially stated that any bugs were addressed, it appears to be security fixes only. I just read somewhere that some bugs MAY have been addressed.)
Bad news... well no enhancements as was included with iOS 4.3 and also this sort of validates that an actual update (one that puts us on par with AT&T) is a long.... way off. This is exactly what Apple did for the original iPad of which was not upgraded to iOS 4 until 5 months after the iOS 4 release. The iPad did receive security updates for iOS 3.2 during this long wait, but no further enhancements. So don't hold your breath, the next significant update we're going to see is going to be iOS 5 (hopefully when it's released). Still number 2.... <sniff>.
At least this proves that we haven't been totally forgotten over here at Verizon! I was started to think that we didn't have a real iPhone, but an OEM from HTC or Samsung disguised as an iPhone!
That was a rumor that was circulated right around the initial iOS 4.3 release as a possible explanation for why the Verizon iPhone was left out. And now it appear that it was just that... a rumor. I'm telling ya... all Verizon is going to see is security fixes until the big one comes out (iOS 5)... and hopefully we'll get it when it's first released!