If your phone is rooted, DON'T install the latest Verizon update! It will un-root your phone.
I'm, unfortunately, speaking from experience. Foolishly, I installed the update, figuring that Verizon would warn me before ruining my ability to run apps that I bought and paid for (like Titanium update). As you now know, I'm now un-rooted.
Has anyone else been able to re-root their phone after installing the update?