Welcome to AF, prashady! What Mostly Harmless said is correct. As far as what phone you get, your best bet is to compare the offerings at your nearest VZW store. The Droid DNA looks like an excellent phone, and I am having a really hard time saying no to it myself. There are a couple members who got early access to it, and are really singing its praises.
But yeah, as far as development, you will have to wait for developers to cook a ROM for you before you will be able to get 4.2, or whatever the latest version is. Being a flagship phone on Verizon, the chances of there not being a decent number of developers is slim to none though.
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