I posted this in the Pre-Release thread, but wanted to copy it here since this is a thread dedicated to the topic. Hope the mods don't mind!
Just a couple of thoughts regarding the idea of updates...
This is a Nexus device. Updates will come direct from Google. Verizon may play a part in *testing* these updates, but IMO that won't greatly affect the timing of updates. Remember, with a normal device (IE everything except a Nexus/Google Experience device), you have two parties involved in making the update....the carrier and the OEM. The OEM is the one that develops the initial update, then that update gets sent to the carrier, where they will add their own network-specific stuff (apps, bloatware, settings, branding, etc). That will get sent back to the OEM for testing purposes, and then that gets sent back to the carrier for testing purposes. Carriers have to pay the OEM to make the update. This is a big reason why the US gets updates a lot later than Europe, because the European carriers are usually quicker to work with the OEMs than the American carriers, and because the devices over here are customized so that the carrier can "differentiate" themselves from other carriers. Perfect example would be the Galaxy S line; since it was exactly the same device all across Europe with very minor differences/carrier branding, the update process was more streamlined. A lot of the American GS models use completely different hardware/chips, and are treated as their own individual devices. Carriers won't ask the OEMs for updates if the device didn't sell well since it wouldn't be financially in their best interest.
Since that process is what takes up the majority of the time, it won't effect Nexus devices. Samsung is not involved in the software side of things whatsoever (thank god, their software support sucks). That leaves Google for software and Verizon to make sure it works adequately with their network.
And anyway, software engineers that work on the AOSP have stated that Toro (the codename for the LTE GNex; Maguro is the codename for the GSM model) will be added to the AOSP source branch upon release of the device. This is in no way different to how the Nexus S and Nexus S 4G are separated in the branch due to the different software radios, but are both equally supported. We might see SOME fragmentation between the two, as the NS4G has 2.3.7 and the NS has 2.3.6 or 2.3.5 right now, but that is only due to differences in the specific models; one may need a slight tweak or bug fix that the other does not. Major ICS revisions, major bug fixes, and new features will be added to both GNex models without serious wait times, and both will be equally supported by Google in the AOSP branch.
Bottom line is, don't be discouraged about updates. This is a pure Google device (yes, even with the two "bloatware" apps that Verizon has added, which aren't even really considered bloatware). Google will be in charge of updating it like every other GE/Nexus device that has ever existed before it, including the Nexus S 4G on Sprint.