So I downloaded the update, installed the update and it rebooted a few times before loading the home screen. After watching the phone get the home screen several times and continually rebooting I tried powering the phone off, but it wouldn't stay off it just reboot it's self. I then did a battery pull and restarted the phone. It still would get to the home screen for a little while and the phone would just reboot again and again. On one of the subsequent reboots I held down the volume down button and the power button in order to get to the factory reset. I performed a factory reset and when you get to the point where you select the language and hit "next" the phone attempted to activate, but then I get an error message that says "A SIM card is needed to operate this phone. Please turn off your phone and insert your SIM card." The phone still reboots it's self from this screen too. I think it could be related to the internal memory, because it tells you that the internal memory is preparing and when it's at 100% the phone reboots.
So far all I've got to see of Gingerbread is the new Boot animation. I was hoping this update would fix my random reboots, but now the phone is basically bricked. Tech support told me to go to a Verizon store tomorrow to get a new SIM card, but am not too confident this will fix my phone.
Hope you all have better luck than me!!!! I'm frigging done with LG. I never should have got impatient enough waiting for the Bionic to settle for this POS. Anyways, I'm just frustrated right now. Good luck!