When updating the kernel, there is no visible difference in the "Software Information" menu on the phone. With both ZV3 and ZV4 it reports "Kernel version 3.4.0+". Just to confirm that the kernel did get changed, here is some more info generated via "adb shell cat /proc/version". You can see that the ZV4 kernel has a newer date.
ZV3:
Linux version 3.4.0+ (lgmobile@LGEACI1R3) (gcc version 4.7 (GCC) ) #1 SMP PREEMPT Thu Mar 6 12:48:55 KST 2014
ZV4:
Linux version 3.4.0+ (lgmobile@LGEACI2R14) (gcc version 4.7 (GCC) ) #1 SMP PREEMPT Mon Aug 18 17:45:38 KST 2014