One of the commenters on that DL article was considering filing a complaint with the FCC, which isn't a bad idea. Considering the early 2012 update was mentioned at the launch event and in their press release, it certainly sounds like a candidate for going after them for false advertising. Any reasonable person wouldn't mistake July for "early" 2012, especially considering it's the 7th month out of 12, which is over half. On the Verizon forums the mods keep reminding that no phone is guaranteed an update, while the posters keep bringing up the press release saying early 2012. We've only got a few more months before it becomes a year after launch, and it's late 2012.
With Verizon taking away their customers upgrade & plan options, & then opting out of any bonuses available from manufacturers (Google Wallet, 50GB of Dropbox & Samsung Music Hub for the S3), I'm starting to wonder if the good coverage (and the higher than everyone else cost) is worth it to stay with them.