After an Android 4.0.4 leaked back in January but never released by Google or Verizon, people began to worry what was happening with updates.
Well according to @Black_man_X there is beta testing of Android 4.0.5 update in the works:
4.05…. works great on Verizon. Fixes audio reboot issue as well as data falling asleep… early April if all goes well..
The update is being tested know and as far as @Black_Man_X says the update is running well on the device and we are looking to see it sometime in early April not to far from now.
The update seems to be a big update on the device as it will take care of most of the bugs, and will likely have some new radios to enhance LTE connection.
This update will likely take care of some other bugs dealing with battery life, and some other minor bug fixes that will improve stability overall.