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Does anybody have any insight as to when us non-rooted Verizon Nexus users can expect to receive the 4.0.3 update that was made available by Google last week?

fwiw the 4.0.3 that was released last week was just the AOSP Source code. Not the actual Nexus 4.0.3 update. The nexus 4.0.3 update should be out in a week or so.
 
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Most likely you will need to re-root, however you should be able to find an image of the 4.0.3 version with root already obtained. Just don't accept the OTA and then check out XDA for the rooted version and flash!

I am actually holding out on root until 4.0.3 since google confirmed this to be the new baseline. Can't wait to join in the fun though!
 
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