I'm not using this phone right now, but I went ahead and installed the upgrade last night after reading this thread. I can't tell you how much it bugged me that you previously couldn't change the picture on the front LCD!
You had a choice of "V Cast", which the phone doesn't even have, a Verizon logo which simply translated to a couple pinkish stripes on the small screen, an ugly picture of a bunch of people squished together, a nice red-orange sunset, which never matches your homescreen, and the tropical picture which is old already cuz you've been using it for 6 months!!
The first thing I did was take a picture pointed toward the floor with the lights out, and drop it in the pics folder so I can have a nice black front LCD.
This alone was worth the update!