The latest Verizon "upgrade" will spy on what applications you are running and report back to Verizon.
If this software includes Wireless Router, it'll **disable** your Internet connection until you agree to pay Verizon $20/month more. (Every website you go to will be redirected to an extortion page. Email and other Internet services are also disabled. There is nothing you can do to get your data service to work again -- except for agree to pay Verizon $20/month.)
In other words, the update is a Trojan horse to make more money for Verizon.