I happened to do just a random software update check while screwing around on my phone earlier and saw the new update available too. Here's what the update reportedly does:

BTW, to get the update, go to Settings | Software | Check New. A dialog box will come up asking if you want to download the update file (~35 mb). YOu get options to do it now, defer it until later and cancel (if I remember correctly). It only takes a few minutes to update.

• Enhance data connectivity when accessing the Verizon 3G network
• SMS & MMS messages are stored properly in the Messaging Application (Inbox, Sent, etc.)
• Timing for device activation has been improved
• “Backup Assistant” is correctly displayed in the Apps menu.
• Stability improvements for data-centric apps such as Facebook, KAYAK, Yahoo! Mail, My Verizon & more.
• Accurate location is displayed when accessing the Weather Widget.
• Quickly load GPS updates for Google Maps & VZ Navigator.

I so far, have never really used 3G, I spend most of my time using wifi and 4G, so I can't ay much about the 3G performance. However, unless I'm missing something, I still don't see any Inbox or Sent folders for my texts.

The weather widget does now show my own city instead of a nearby one. Other than that it all feels roughly the same to me.

I have it installed & see the Backup Assistant in the applications list. GPS does seem to be accurate. However, my 3G connection is not any better. In all fairness to Verizon, the area I am in isn't a good area for any cell phone service, so that could be the problem. I will be able to test more later when I'm in the city (I live in a rural area). Anyone else getting a better 3G connection?

I checked for updates and I still get a "service unavailable" notification even though I have 4G reception. Verizon's website says it will be available 5/13, not 5/12. 

Just Installed 30 minutes ago... tried My Verizon App... said it installed successfully but still gets Verizon message "currently this application is not supported on your device"...

Just updated (30+ minutes). No apparent 3G improvement. Located 15 miles from Key West. Voice connectivity still marginal. BTW LTE 4G works great in Key West proper. 

Went from 2 3G bars to 3 :rolleyes: 

3G connection is now just a LITTLE BIT slower than my 4G. Probably because the Thunderbolt has great RAM for a phone. At this point, I don't think I even need to use 4G. Put it on 3G with great connection and I save a lot more battery. Device seems slightly smoother than before. Haven't checked the Verizon app because I never use it but Facebook application is extremely smooth. Gotta say I'm not overjoyed or excited over this update but it's definitely a step in the right direction. It improved my Thunderbolt slightly, nothing too special. But it's better than nothing.

Now I love my ThunderBolt and I've actually been pretty adept in troubleshooting/fixing TB's from customers. I rebooted, turn off/on mobile network, refreshed connection network type, etc. It still is slow in connecting.

I can only guess that the new update is causing slight interference to the connection because I had faster connection. However, when I AM connected I have faster 3G service than before. Not that I need 3G, I have perfect 4G here, just thought people should know.

I installed the update about 5 hours ago, and since then I have noticed the GPS improvement.

One problem I have been having is that since installing the update my phone has shut down twice on its own. This has never happened before so I am wondering if it is because of the update. Is anyone else having this problem, and is there a way to fix it?

Mhamilton201 same with me... i have noticed 4 restarts