So LG Product Pro has said that official LG FroYo update should be coming in September, this is a "rumor" that is backed up by someone that has contact with the LG Dev team so I'm 90% sure its true. Read here:
LG Ally FroYo (Android 2.2) Upgrade - LG Forum - LG Mobile Phone Forums - Carriers - Verizon
LG Ally FroYo (Android 2.2) Upgrade - LG Forum - LG Mobile Phone Forums - Carriers - Verizon